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Quilter plc completes sale of Old Mutual Wealth Life Assurance Ltd

Following the agreement to sell our Heritage Life and Pensions business, Old Mutual Wealth Life Assurance Limited (OMWLAL), to ReAssure, we can confirm that the sale has now been completed.

Your policy is still being administered by OMWLAL and they can support any queries over the telephone as detailed below.

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

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. Maintaining continuity of high quality customer service is tremendously important and has been a focus of this agreement.

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.

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

How can I contact the teams dealing with my policy?

You can contact the Old Mutual Wealth Life Assurance team on 0808 171 2600, Monday to Friday between 8.00am and 7.00pm, and they will be able to help you with any enquiries about your plan/policy.

Why did Quilter sell Old Mutual Wealth Life Assurance Ltd (OMWLAL)?

This decision to sell OMWLAL was 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 OMWLAL as it’s a well-established, highly regarded company that is committed to delivering excellent customer outcomes and has values similar to our own.

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 OMWLAL people have transferred from Quilter 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. The completion of the sale will not trigger any change in our products or give rise to any change in the range of funds available within our products.

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.

Will service levels remain consistent?

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 OMWLAL people have transferred from Quilter 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 advisers and customers. Maintaining continuity of service is tremendously important and has been a focus of this agreement, therefore, there will be no change in service standards.

What happens next?

We have announced the completion of the sale of OMWLAL to ReAssure. ReAssure will contact customers in due course to provide further information however we do not anticipate this to be until OMWLAL has been rebranded to ReAssure, which is expected within the first 6 months after completion of the sale.