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LCL to acquire closed life assurer Global

Isle of Man offshore life assurance aggregator LCL International is awaiting final approval from regulators for its puchase of closed life firm Global Life Assurance Ltd.

It will be the second acquisition of a closed life business for the Douglas firm in 12 months, after LCL bought Alico Isle of Man in November 2011.

The consolidation will see Global, which has assets of £69.4 million, become a wholly-owned subsidiary of LCL.

Global policy holders are being reassured benefits will be protected and service levels upheld as before.

LCL International CEO Jeffrey More says life companies which have closed to new business retain long-term commitments, and it's not uncommon for new owners to take over:

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