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.”

Image from http://www.bbc.co.uk/news/uk-scotland-scotland-business-31073643

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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