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The Actuary The magazine of the Institute & Faculty of Actuaries

Reliance going ‘virtual’

Reliance Mutual has purchased Criterion Life Assurance from its German ultimate parent company, VHV.

The deal is the first part of a programme which Reliance is undertaking with the objective of developing a significant ‘virtual’ insurance operation.

Chief executive Les Etheridge commented: ‘We are delighted to have concluded the deal to purchase Criterion Life. We intend to increase our business by a combination of organic growth and the acquisition of suitable blocks of business with the intention of becoming a leading “virtual” insurer.’

‘Virtual’ insurance is becoming increasingly important as clarity develops around the future of distribution in the UK market. Distributors can arrange for the manufacture of products through companies which will put products together and carry out the necessary back-office processing and compliance.