Progress business heads to Royal London

Royal London has agreed to potentially buy the Progress protection back book business as part of its deal with parent company Royal Liver.

The mutual insurer already has two protection businesses, Bright Grey and Scottish Provident, under its roof and this deal could add a third with the Progress back book.

Progress closed to new business in September after a then last minute deal with a potential buyer fell through.

In its last set of critical illness claims data, it paid 89.5% of claims, declining two, one each for non-disclosure and not meeting the policy definition.

Progress was launched in 2003 and lauded as financial services first online only protection provider.

The transfer is subject to regulatory approval and of Royal Liver's Delegates at its Annual General Meeting in early May 2011.

A Royal London spokesperson confirmed the Progress business was part of the agreed deal but that its current operation was controlled by Royal Liver and so was unable to comment on its potential future.