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Scottish Widows to sell offshore business

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Scottish Widows to sell offshore business

Scottish Widows has put its offshore business, Clerical Medical International, up for sale, according to reports.

The Financial Times reported several parties have expressed an interest in the Isle Man-based business which manages around £5 billion of assets.

Scottish Widows parent Lloyds banking Group has appointed Fenchurch Advisory Partners to handle the sale, the paper reported.

Clerical Medical International has not written new business for two years after being put under review in 2011.

In November Scottish Widows announced it was to cut 130 jobs as part of a restructure which will establish a new corporate relationships team of over 100 pensions specialists, to help both advisers and employers.

In November 2013 Royal London sold off its offshore arm Royal London 360° to a management buyout bid backed by private equity firm Vitruvian Partners.

Lloyds Banking Group declined to comment to the FT.

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