Thursday, 4 June 2015

Scottish Friendly Takeover

I do like keeping abreast of changes to companies so I know the best places to stash my hard earned cash, hopefully if a financial institution is on a larger scale they are in a position to offer the greatest deals.  So it’s worth reading the papers to see what deal making is happening around the world, especially if you are in a position to buy shares or invest money.  Given we live hand to mouth at the moment any deal making I am doing is all theoretical, but having a management degree I do like to flex my brain cells every now and then.

There is some exciting news if you are a customer at Scottish Friendly they are growing – actually doubling in size no less!  They are taking over Marine & General Mutual (M&GM) after mutually seeking the approval of their members, regulators and the high court.

M&GM is the oldest active registered UK Company, established in 1852.  It has the company registration number 00000006 (the companies associated with the previous 5 registration numbers no longer exist), its really quite impressive to think its been trading for so long.  Interestingly M&GM was started because historically seamen were charged more for life assurance if they were teetotal!  So they were trendsetters of their time, changing things for the better so that those who abstained from drinking (and were most likely safer out at sea you would think!) would pay fewer premiums.

According to this small article in the Daily Record the takeover will double Scottish Friendly assets to more than £2 billion.  It’s a huge compliment that M&GM choose Scottish Friendly, David Gulland, Chief Executive, M&GM said “We were particularly impressed by the Group's efficiency, customer focus and experience in this field. We welcome the fact that all M&GM policyholders will become members of Scottish Friendly as part of this deal.”

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Scottish Friendly's chief executive, Fiona McBain said Scottish Friendly will benefit from economies of scale which only be a good thing for existing and future customers.

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