Reliance Mutual - proposed sale to LCCG

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Reliance Mutual - proposed sale to LCCG

Postby patientperson » Sat Sep 16, 2017 1:09 pm

LCCG - Life Company Consolidation Group

http://www.reliancemutual.co.uk/news/pr ... ouncement/

Under the proposed transaction it is expected that:

Reliance Mutual’s members will receive a one-off payment dependent on policy size to compensate for loss of membership rights;

Members with voting rights will also receive an additional fixed payment compensating them for the loss of their voting rights;


There will be a SGM later in 2017 to vote on this sale.

Of special note is that LCCG is still on an aquisition trail for further insurance mutuals

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Re: Reliance Mutual - proposed sale to LCCG

Postby planteria » Sat Sep 16, 2017 3:30 pm

interesting pp.
you say "still".. but were you aware of LCCG before? :think:
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Re: Reliance Mutual - proposed sale to LCCG

Postby patientperson » Sat Sep 16, 2017 4:30 pm

planteria wrote:interesting pp.
you say "still".. but were you aware of LCCG before? :think:


I have never heard of LCCG before.

Reliance 2016 AGM muted a sale. More announcement came in Feb 2017 with now more details in the 2017 AGM literature.

In the 2017 AGM Chairman's statement .. here I just concentrate on LCCG.

Actively seeking to consolidate the operations of smaller life assurance entities in the UK and elsewhere. They have already made acquisitions in Ireland and the I-o-Man.

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Re: Reliance Mutual - proposed sale to LCCG

Postby planteria » Sun Sep 17, 2017 7:52 am

yes, saw the latter point by looking them up. interesting. as you & i have discussed elsewhere, consolidation, and potential windfall payements, and thereby 'bagging', is with mutual Life Companies/Friendly Societies nowadays.

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Re: Reliance Mutual - proposed sale to LCCG

Postby patientperson » Sun Sep 17, 2017 5:42 pm

Yes planteria .. indeed we have .. the number of mutuals is diminishing all the time.

I think 'once a bagger' .. 'always a bagger' .. it keeps us interested.

What will we concentrate on when the remaining mutuals are down to single figures I wonder?.

Nice to see Oggy is still with us too.

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Re: Reliance Mutual - proposed sale to LCCG

Postby planteria » Mon Sep 18, 2017 7:37 am

i like your ambition re our longevity :angel:.
it'll be interesting to see what kind of windfall payments are made in lieu of Membership and Voting rights.
and fwiw i think many of the other Investment/Insurance mutuals are in a position that a. they are well capabable of soldiering on, and b. they arguably ought to 'take the money' and sell, on receipt of a decent offer, if acting entirely in the interest of members.

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