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Quilter plc agrees to the sale of Old Mutual Wealth Life Assurance Ltd

Following a strategic review of our Heritage life and pensions business, Old Mutual Wealth Life Assurance Limited (OMWLAL), Quilter plc has agreed the sale of that business to ReAssure.

This has no impact on investment and pension products held on the Old Mutual Wealth platform.

The sale is subject to regulatory approval and we would expect the process to take several months, with the work completing in late 2019.   

OMWLAL is a predominantly closed book of life assurance business made up of life and pension products sold over the last 40 years.  It also includes the Protection range of products which are open to new business and our Institutional business. 

ReAssure is a leading closed book life insurance company in the UK with 4.3 million policies and c. £69 billion in assets under administration (as at 31/12/2018). We believe ReAssure is an excellent home for our Heritage business as it’s a well-established, highly regarded, committed to excellent customer outcomes and importantly has values very much like our own.

ReAssure has a proven track record of successfully integrating books of pension, insurance and investment business stretching back over 30 years, and has acquired other closed life books from the likes of Guardian, HSBC, Aviva, Zurich, Barclays Life, and more recently Legal & General.

Maintaining continuity of service is tremendously important and has been a focus of this agreement. The current management team of OMWLAL, including David Still, Managing Director, and Donna Sim, Head of Heritage Operations, will remain in place.

Below are some questions and answers you may have about the sale, but for any further questions please contact us.

 

  1. What does the sale of your Heritage business mean for my policy/plan with you?
    Your policy/plan will continue as it does today with no changes.  A team of approximately 300 people will transfer from Old Mutual Wealth to ReAssure and will continue to be fully dedicated to serving our Heritage customers and advisers. It’s the same experienced people, using the same systems and based in the same office location, so we are confident that there will no change to service for you. In keeping with this, completion of this transaction will not trigger any change in our products or give rise to any change in the range of funds available within our products.
  2. Why are you selling to ReAssure? Why are they a good fit?
    TThis decision to sell our Heritage business has not been taken lightly and comes after a strategic review by the Quilter board. As always, we’re committed to ensuring good outcomes for all our customers and we have concluded that it is in the longer-term best interests of our customers that their policies are managed by ReAssure, a company focussed on managing legacy life insurance policies. We believe ReAssure is an excellent home for our Heritage business as it’s a well-established, highly regarded company that is committed to delivering excellent customer outcomes and has values similar to our own.
  3. Can you tell me a bit more about ReAssure?
    ReAssure is a leading closed book life insurance company in the UK with 4.3 million policies and c. £69 billion in assets under administration (as at 31/12/2018). ReAssure has a proven track record of successfully integrating blocks of pension, insurance and investment business stretching back over 30 years, and has acquired other closed life books from the likes of Guardian, HSBC, Aviva, Zurich, Barclays Life, and more recently Legal & General.
  4. Where does the Heritage business fit as part of Quilter? Is the platform impacted?
    Our Heritage business is predominantly a closed book of business made up of life and pension products sold over the last 40 years.  It also includes our open book of Protection products which are open to new business and our Institutional business which is in run off. There is no impact on the Old Mutual Wealth platform business
  5. What is the timeline associated with the sale?
    Subject to necessary approvals we expect the sale process to conclude in late 2019.
  6. When will you communicate with me to confirm the sale is finalised?
    Old Mutual Wealth and ReAssure will announce the completion, which we expect to complete by the end of 2019.  Relevant announcements including information on our website will be provided. There will be no customer communication until the rebrand to ReAssure is completed, which is expected within the first 6 months of completion of the sale.
  7. Will service levels drop when the business moves across to ReAssure?
    There are no changes to your products or the service that will be provided, so we expect business as usual. A team of approximately 300 people will transfer from Old Mutual Wealth to ReAssure and will be fully dedicated to continue to serve Heritage customers and advisers. It’s the same experienced people, using the same systems and based in the same office location, so we are confident that there will be no change to service for you and your clients.. Maintaining continuity of service is tremendously important and has been a focus of this agreement, therefore, there will be no change in service standards.