Royal Liver on verge of takeover
Royal London is close to taking over Royal Liver.
Merger and acquisition consultants look set to be required after Royal Liver agreed to a takeover deal.
The insurance company's assets and liabilities will be taken on by Royal London as part of an agreement that could be completed within a matter of months.
Only a vote by members of the mutual stands in the way of completion, along with approval from regulators at the Financial Services Authority.
Alasdair Buchanan, spokesman for Royal London, is optimistic that consumers will benefit from the deal, which would see his organisation boost its client base to nearly six million.
"As the books are closed, the cost would otherwise be on an increasing scale as policies become claims and the cost of administering those claims is spread across a smaller number of policyholders," he told IFAOnline.
The move has been met with sadness by the Liverpool Echo, as Royal Liver has been closely associated with the Merseyside city for more than 100 years, partly thanks to its iconic Liver Building.