A new era for RL360°
RL360° is looking ahead to a bright future following a management-led buyout.
The buyout came after the Royal London Group (RLG) entered into an agreement to sell the former Royal London 360°, now rebranded as RL360°, and its subsidiaries. The deal was backed by independent private equity firm Vitruvian Partners.
The RL360° executive management team, led by Chief Executive David Kneeshaw, remains unchanged.
RL360° is further strengthened through support from the global reinsurance group Munich Re, as well as an element of long term financing from RLG, in addition to capital from Vitruvian.
There were no job losses as part of the sale.
David Kneeshaw said: “We have built a strong business with clear strategic direction, a compelling product range and a service-driven team on the Isle of Man and around the world.
“We believe this transaction is the first of its type in the offshore life space and it allows us to follow a long-term plan with the capital stability we require to continue to expand our business internationally and enhance our platform linked approach with the UK.
“We remain fully committed to our existing products, markets, partners and customers. We will now move swiftly to realise RL360°’s existing growth plans.”
Stephen Byrne, partner at Vitruvian, added: “We are delighted to be backing such a strong management team, with considerable assets under administration already, but also a great growth strategy. This is exactly the sort of investment we look for, a scalable services business addressing a global market opportunity.”