Royal Liver backs takeover by Royal London: source

LONDON Thu May 12, 2011 10:10am EDT

Related Topics

LONDON (Reuters) - Customers of British mutually-owned insurer Royal Liver have voted in favor of merging with bigger rival Royal London, a source familiar with the matter said.

The tie-up, which still requires regulatory approval, would create an enlarged customer-owned life insurer with about 45 billion pounds ($71.72 billion) in assets under management.

Royal Liver members backed the proposed merger at the society's annual general meeting earlier on Thursday, the source said.

(Reporting by Myles Neligan; editing by Paul Hoskins)