RL360 Insurance Company Limited (RL360°) is an international offshore

savings Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an I ...

, protection and

investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

provider,

headquartered Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the top ...

in the

Isle of Man ) , anthem = "O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = Location of the Isle of Man (green) in Europe ...

serving clients in Asia, Africa, the Middle East, Europe, the UK and Latin America. It is part of the International Financial Group Limited ("IFGL").

History

RL360 in its present form came into being in November 2013 following a

management buyout A management buyout (MBO) is a form of acquisition in which a company's existing managers acquire a large part, or all, of the company, whether from a parent company or individual. Management-, and/or leveraged buyout became noted phenomena of 1 ...

, though its origins can be traced back to 1991. Scottish Provident International Life Assurance Limited (SPILA) * SPILA was incorporated in the Isle of Man on 19 February 1991 as Hafnia Prolific International Life Assurance Limited. * Hafnia Prolific International Life Assurance Limited was acquired by Scottish Provident Institution and changed its name to Prolific International Life Assurance Limited in March 1993. * In 2000 SPILA’s

parent company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

Scottish Provident Institution

demutualised Demutualization is the process by which a customer-owned mutual organization (''mutual'') or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, memb ...

, and the business was transferred to the Abbey National Group. * In December 2003 Abbey strategically focused on the UK and closed international new business in

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

, concentrating solely on new business in the UK. *

Banco Santander Banco Santander, S.A., doing business as Santander Group (, , Spanish: ), is a Spanish multinational financial services company based in Madrid and Santander in Spain. Additionally, Santander maintains a presence in all global financial centr ...

acquired Abbey in November 2004. * On 1 September 2006,

Santander Santander may refer to: Places * Santander, Spain, a port city and capital of the autonomous community of Cantabria, Spain * Santander Department, a department of Colombia * Santander State, former state of Colombia * Santander de Quilichao, a m ...

sold all of its life business to

Resolution plc Resolution plc was a UK insurance company headquartered in the City of London. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but was acquired by the Pearl Group in May 2008. History Early history ...

. * In November 2006, SPILA received a license to reopen to new business in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

. * SPILA was acquired by the

Royal London Group The Royal London Mutual Insurance Society Limited, along with its subsidiaries, is the largest mutual insurer in the United Kingdom, with Group funds under management of over £150 billion. Group businesses provide around nine million policie ...

in January 2009. Scottish Life International * Scottish Life established Scottish Life International Insurance Company (SLIIC) in the

in 1996. * Royal London Mutual Insurance Company Limited purchased the Scottish Life group of companies in 2001. * In December 2008 SLIIC was renamed Royal London 360 Insurance Company Limited. Royal London 360 * In June 2008 Royal London announced its intention to operate its two offshore life companies under a single brand and Royal London 360 was launched in January 2009. RL360 * In October 2013, the Royal London 360 executive team formed the RL360 Group (now IFGL) which in November 2013, backed by

private equity firm A private equity firm is an investment management company that provides financial backing and makes investments in the private equity of startup or operating companies through a variety of loosely affiliated investment strategies including leve ...

Vitruvian Partners Vitruvian Partners is a European private equity firm focusing on leveraged buyout and growth capital investments in middle-market companies. Vitruvian invests throughout the UK and Europe and recently in China and India. The firm has offices in ...

, bought the company from Royal London and renamed it RL360. Friends Provident International Limited * On 19 July 2017 IFGL announced it had entered into a deal to acquire FPIL from the Aviva Group, subject to regulatory approval. * On 16 July 2020 RL360’s parent company IFGL completed the deal to acquire Friends Provident International (FPI) from

Aviva Aviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general ...

Subsidiaries

Clerical Medical International Ltd * CMI was one of the first international

life assurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

operations to be established by a UK company in 1987. * Following a number of ownership changes, it became a closed book of business in March 2012. * On 1 December 2015 RL360 acquired CMI, with its c.16,000 policies and more than £4bn assets under management. * On 5 April 2016 CMI was renamed RL360 Life Insurance Company Limited and re-branded to RL360 Services. Ardan International * On 15 November 2016 the RL360 Group announced it was acquiring international

platform Platform may refer to: Technology * Computing platform, a framework on which applications may be run * Platform game, a genre of video games * Car platform, a set of components shared by several vehicle models * Weapons platform, a system or ...

business Ardan International, subject to approval from the Isle of Man

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

, and the deal completed on 30 December 2016.

Awards

*Best International Life Group( Non-UK Category) - 18th International Fund & Product Awards 2017

References

{{reflist, 40em

External links

Public site

Corporate site
Investment companies of the Isle of Man Companies of the Isle of Man Financial services companies of the Isle of Man