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Royal Liver gets set for takeover by Royal London

14 April 2011
Written by rosalind renshaw

Troubled mutual insurer Royal Liver has signed an agreement prior to its possible takeover by Royal London.

The transfer of Royal Liver’s assets and liabilities is subject to approval from the FSA and the elected representatives of its members, who will vote at the AGM next month.

Royal London made a bid for Royal Liver in 2007, but talks collapsed. However, new talks have been going on for at least a year.

If the merger finally goes ahead, the combined group will have assets of more than £33bn and almost six million customers.

Royal Liver has faced a number of problems in recent years. Its IFA business, Park Row, closed after the FSA found it guilty of serious failings and it was ordered to pay £7.8m in redress to customers.

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