Scottish Friendly completes Marine & General takeover

Scottish Friendly Assurance has announced the completion of its takeover of Marine & General Mutual (M&GM).

The deal, which sees the Glasgow-based firm taking over the UK’s oldest active registered company, is its largest takeover to date, and sees a doubling of its assets under management which now stand at more than £2 billion.

The takeover was given final approval from the High Court in London on 22 May after being backed by members of both mutuals.

Scottish Friendly first announced the move back in February.

The proposed transfer was announced in February and the deal was unanimously approved on behalf of Scottish Friendly members in April. It was also backed by a 96 per cent vote of M&GM members. Final approval was received from the High Court in London on May 22.

The mutual said the takeover was part of its strategy to diversify and grow the business.

Fiona McBain, Scottish Friendly’s chief executive said: “We are delighted to welcome M&GM policyholders and members to Scottish Friendly.

“The takeover of M&GM has doubled Scottish Friendly’s assets under management to over £2bn and will give us additional economies of scale that can drive further efficiencies and increased value to all of our policyholders, including those transferring from M&GM.”

“The addition of M&GM business to Scottish Friendly is a tangible outcome of our strategy to diversify and grow the business for the benefit of all our policyholders.”