LONDON (Reuters) - State-backed bank Lloyds has sold offshore life insurer Clerical Medical to investment manager RL360 for an undisclosed sum, Lloyds and RL360 said on Thursday.
Clerical Medical’s policies were closed to new business in March 2012. The firm is estimated to have a value of 200 million pounds.
“The sale reflects the Group’s strategy of focussing on its core UK insurance businesses,” a Lloyds spokesperson said.
Following the acquisition of Isle of Man-based Clerical Medical, combined assets under management will total around 8 billion pounds, RL360 said in a statement.
RL360 is backed by private equity firm Vitruvian.
Fenchurch were advisers on the sale.
Reporting by Carolyn Cohn and Matt Scuffham; editing by Jason Neely