Proposed sale of Reliance Mutual and General Meeting

Please note that the hearing at the High Court has been changed from 6 March 2018 to 15 March 2018. It is possible the date may change again and if so, details of the new date will be provided on this website.

Proposed sale and transfer of Reliance Mutual

Members' General Meeting

Document Library

Contact Details

 

Proposed sale and transfer of Reliance Mutual

Welcome to the section of our website dedicated to our proposal to transfer all of Reliance Mutual's insurance business to LCCG, which was first announced in February 2017.

Since the announcement earlier this year, we have been working closely with LCCG, as well as with the insurance industry regulators, on the proposed transfer, which will be achieved through the approval of a Scheme by the High Court under Part VII of the Financial Services and Markets Act 2000.

The High Court hearing to approve the Scheme is directed to be heard before a Judge of the Companies Court, at the Rolls Building, Fetter Lane, London, EC4A 1NL, England on 15 March 2018. Further details about this court hearing are set out in the Legal Notice which is included in the explanatory booklet sent to policyholders. Any person who believes that he or she will be adversely affected by the carrying out of the Scheme is entitled to make oral or written representations and/or attend (in person or via Counsel) and be heard by the High Court at the hearing. Any persons intending to avail themselves of this right should provide details of their concerns to us as soon as possible, but preferably no later than 5 business days before the hearing date. If there is any change to the date for the hearing in the High Court, we will give notice of the new date on this webpage.

If you have a policy with us, it will be included in the transfer. We have written to all Reliance Mutual policyholders and members to explain the transfer process in detail. We strongly encourage you to read our letter to policyholders and the accompanying information. Copies of the letter and the accompanying information are also available via the links in the Document Library below to download and read.

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Members' General Meeting

In accordance with the legal notice issued to members of the Society, a General Meeting of members of the Society was held at 10.30am on 14 December 2017 to consider a vote on the following 2 resolutions.

Resolution 1 - Approval of the transfer

Your board has determined that it would be appropriate to provide an opportunity to the members to vote on whether to approve the proposed transfer of the Society's entire business to LCCG New LifeCo Limited.

This resolution therefore seeks members' approval of the proposed transfer.

Resolution 2 - Articles of Association

New Articles of Association are being proposed to be adopted to reflect the complete cessation of existing members' rights in the Society and to allow the board of the Society to appoint LCCG New LifeCo Limited as the only member of Reliance Mutual Insurance Society Limited immediately upon the proposed transfer becoming effective. It is therefore necessary to change the provisions in the current Articles of Association regarding qualifying for membership and other consequent changes. Your board, in consultation with LCCG New LifeCo Limited, has taken the view that the adoption of a new set of Articles of Association for the effective date of the transfer is the preferred route to achieve the objective.

At the General Meeting, Members voted in favour of the two resolutions by the required majorities. This means the transfer will proceed to the High Court for approval.

Voting Results

22 voting members attended the General Meeting and nearly 10,000 members took part in a proxy vote. Votes cast this way carried the same weight as those cast by members who attended the meeting, enabling members who were unable to attend the General Meeting to be involved in deciding the future of the Society.

The two resolutions proposed were passed by members in attendance at the meeting, and by members who cast proxy votes by post or online.

Please note that a vote withheld is not a vote and is not counted in the calculation of the proportion of the votes for and against the resolutions.

The voting results are as follows:

Resolution 1:

For: 9,710 Against: 214 Withheld: 48 Turnout: 9,972 For: 97.84% Against: 2.16%

Resolution 2:

For: 9,703 Against: 199 Withheld: 71 Turnout: 9,973 For: 97.99% Against: 2.01%

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Document Library

Reliance Mutual Policyholder Letter (specimen for eligible voting members)

Reliance Mutual Policyholder Letter (specimen for non-voting members/non-members)

Reliance Mutual Questions and Answers sheet

Reliance Mutual Policyholder Explanatory Booklet (including Summary of the Scheme and the Legal Notice)

Scheme Document

Independent Expert's Report from Tim Roff, Partner, Grant Thornton UK LLP

Summary of the Independent Expert's Report

Notice of the General Meeting

Revised Articles of Association for Reliance Mutual to be adopted from the effective date of the transfer

Revised Principles and Practices of Financial Management, to be adopted from the effective date of the transfer

Legal Notice

General Meeting Minutes

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Contact details

If you have any concerns about how the proposed transfer will impact you, or have any questions which are not answered by any of the information that you received, or the information on our website, please contact us as follows:

We're available:

  • via telephone from 9am to 5pm (UK time) Monday to Friday, unless it's a Bank Holiday in England

                    From within the UK: Freephone 0808 168 5354

                    From outside the UK: +44 (0)1892 510033, choose option 3

 

If you would like information in large print, in Braille, or on CD, please call us on the numbers quoted above.

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