LCCG announces proposed acquisition of Equitable Life

Life Company Consolidation Group (“LCCG”) is pleased to announce that it has signed an agreement with The Equitable Life Assurance Society (“Equitable Life”) under which it is proposed that Equitable Life and all of its business transfer to Reliance Life Limited (“Reliance Life”), a specialist UK run-off manager established by LCCG.

Under the proposed transaction it is expected that Equitable Life’s policies will transfer to Reliance Life under a Part VII transfer, expected to complete towards the end of 2019. As part of the process ‘with profits’ policies will convert to ‘unit linked’ funds and are expected to benefit from an increase in the current 35% capital distribution to a level expected to be between 60% and 70%.

The proposed transaction is the latest in LCCG’s strategy to acquire open and closed book insurance assets in the UK and Europe.

Please see the full press release here.