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Lloyds sells offshore insurer Clerical Medical to RL360
May 7, 2015 / 11:12 AM / 3 years ago

Lloyds sells offshore insurer Clerical Medical to RL360

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.

A branch of Lloyds Bank is seen in the City of London December 16, 2014. REUTERS/Toby Melville

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

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