Appleby advised RL360 Life Insurance Company Limited on its acquisition of Isle of Man Assurance Limited’s wealth book of business, which comprises approximately 1,900 life insurance policies. The transfer was effected by way of a court approved scheme of transfer in the Isle of Man (the local equivalent of a Part VII transfer in the UK), which became effective on 6 December 2024.
RL360 is part of the Isle of Man-based IFGL group, which provides investment, savings and protection solutions to international investors around the world, with 216,000 customers, USD25 billion assets under administration and more than 500 staff (as at 31 December 2023).
Appleby’s multidisciplinary team included Garry Manley, Michelle Brook and Ruby Agate (corporate) and Claire Corkish (dispute resolution). Stuart Tyler and Richard Field also provided input on Guernsey law matters.
Reflecting on the transaction, Garry Manley commented: “We are delighted to have assisted our longstanding client, RL360, on this significant acquisition. Our corporate/insurance and litigation teams worked tirelessly on this project for an entire year and did an incredible job of managing what turned out to be a very complex transaction.
We are very proud to have acted as lead counsel on all four of the insurance business transfers that have taken place in the Isle of Man in the last four years, which underlines Appleby’s market-leading position in the Isle of Man insurance sector. We wish RL360 all the best as they integrate the newly acquired portfolio into their business.”
