Acquisitions

In 2003 Reliance Mutual began a programme of business transfers to the Society giving protection both to Reliance Mutual's own customers and those of the transferring companies, through access to Reliance Mutual's low unit costs of administration. To date, this programme has benefited 7 other companies' customers.

The business transfers have been:

2003 - Criterion Life Assurance Limited

A wide range of life and pensions business. Part of the business of Criterion, was transferred into Reliance Mutual by a Scheme of Transfer in June 2004. Criterion Life Assurance Limited was sold in January 2005 with that part of its business not transferred to Reliance Mutual.

October 2004 - Family Assurance Friendly Society 

The part of the Family Assurance business which was largely originally written by Time Assurance and Templeton Life Assurance Limited.

July 2005 - Eurolife Assurance Company Limited           

September 2006 - SEB Trygg (UK) Life Assurance Company Ltd

Acquired from a major Swedish bank. 

June 2007 - University Life Assurance Society (ULAS)

Acquired from Equitable Life Assurance Society. A subsidiary of the Equitable since 1919, ULAS had concentrated on writing business for the teaching and administrative staff of universities and similar academic institutions. 

August 2007 - Hearts of Oak Friendly Society

Hearts of Oak was one of the larger friendly societies in the UK with £320m of assets under management. Hearts of Oak has ceased to exist.

August 2008 - Time Assurance

The remaining part of the business that could not be transferred from Family Assurance Friendly Society in 2004 due to the restrictions in tax legistation at the time. The restrictive legislation was amended in the Finance Act 2007.

The Future

Our programme of Business Transfers is very much ongoing and benefits transferring organisations, their customers and Reliance Mutual's customers through the economies of scale we can bring. In particular Reliance Mutual has considerable experience in with-profits governance and is happy to take on portfolios of business which may not be core to the other company's strategy.  If you are a business or organization interested in realizing benefits through this process, please contact our Chief Executive or Actuary via the Contact us page.