RL360 owner IFGL gets new majority investor
International private equity firm Cinven has announced that the group will become RL360 owner International Financial Group Limited’s (IFGL) majority investor. The deal, which is subject to regulatory approval, would see Cinven succeed Vitruvian Partners. IFGL has GBP19 billion of assets under administration and operates through three principal brands: RL360, Ardan International and Friends Provident International. Financial details of the transaction are not disclosed.
Cinven has a strong track-record of investing in companies who want to step-change their growth.
Luigi Sbrozzi, partner at Cinven, said ‘Cinven is delighted to be investing in IFGL. IFGL is an established insurer with a strong market position. It has a large back book, which sits alongside an established new business franchise that is well diversified geographically. Cinven knows the market well through its previous life insurance investments, including Guardian in the UK and Viridium in Germany, and has a strong track record of working with companies in the sector to achieve strong growth, in particular, through buy-and-build as well as further product development and internationalisation.’
IFGL’s group chief executive David Kneeshaw said: ‘This is a very significant day for IFGL and will accelerate the Group’s ambitious plans for growth. Cinven share our vision for the future and their financial backing means we will be ideally-placed to expand significantly through both organic and new market growth and through further mergers and acquisition activity.’
IFGL was established in October 2013 to support the management buyout of RL360 from Royal London Group. Since then, IFGL has demonstrated a consistent track record of profitable growth, including through its buy-and-build strategy, having acquired Clerical Medical International in 2015, Ardan International in 2016 and Friends Provident International Limited from Aviva in 2020. IFGL represents the third investment from Cinven’s long-term Financial Services-focused strategy.
