RL360° - the year in review
The last 12 months have been extremely busy and fulfilling for RL360°.
2015 began hot on the heels of the news that our new business levels had grown by 31% in 2014. We didn’t rest on our laurels, however, and RL360°’s first task of the year was to evolve Quantum, our flagship regular savings product, and PIMS, our single premium product. The updates included enhanced allocation premium bands up to 102% and more user friendly illustration outputs for Quantum.
This running start was cemented by the good news that RL360° had retained its B+ AKG rating. Actuarial consultancy AKG, which specialises in the provision of financial services industry ratings, awarded the B+ for our financial strength, as well as four stars for service.
“No other offshore life operation has a higher rating, which reflects not only our financial strength but also commitment to progress, which can be seen in our expansion into new markets and our acquisition agenda,” said Director of Marketing Natalie Hall.
This agenda came to fruition with the announcement that RL360 Group planned to acquire CMI Insurance Company Limited from Lloyds Banking Group plc, a transaction which completed on 30 November 2015.
It was a real milestone for RL360° - combining with CMI made us much stronger, with 60,000 policyholders and £7 billion funds under management. And with the additional 100 CMI staff taking our number of employees to over 300, RL360° became one of the Isle of Man’s biggest employers.
David Kneeshaw, Chief Executive, said: “CMI is an excellent addition to the RL360 Group. Its long-running focus on providing high quality customer care and investor protection fits well with RL360°’s approach to doing business, and as such renders the transaction a natural fit.”
Work is now going on to integrate CMI into the RL360 Group and to move all of the new staff into RL360 House.
The acquisition was seen as a sign of our commitment to our Isle of Man home, but by no means the only one. Each year we support the local community through our sponsorship programme. For instance, we provide yearly title sponsorship to the popular Viking Longboat Championships, in Peel, which raises a lot of money for various charities across the Isle of Man.
We have also been sponsoring the Isle of Man Mixed Football League since 2009. More than 350 girls and boys aged 12 and under play in 29 teams across four divisions. The contribution made by RL360° allows the youngsters to keep playing throughout the winter on Astroturf, as well as helping to meet league and cup competition running costs.
In addition, we are involved with cycling at grass roots level, having sponsored the massive success story that is the Isle of Man Youth Cycling League for more than 2 decades. The league continues to churn out potential champions, while at the same time providing hundreds of the island’s 3 to 16-year-olds with an active and fun hobby.
RL360°’s brand is also inextricably linked with the TT, having been associated with the event since 2002. RL360°, the TT’s longest running sponsor, is the Official Life Assurance and Pensions partner of the TT Races and part of this deal involves title sponsorship of the RL360° Superstock TT Race.
In 2015 we once again made the most of our TT links by inviting 30 key advisers to visit the Isle of Man, watch the race and enjoy some RL360° hospitality.
Over the year, RL360° has supported Noble’s Hospital’s Special Care Baby Unit (SCBU) after staff voted to choose it as the charity partner for the year. A series of fundraisers were organised, culminating in the ever popular RL360° Christmas raffle, and a total of £3,500 was presented to SCBU during the course of the year.
2016 has a lot to live up to – bring on the challenge.