The Chartered Insurance Institute (CII) Group’s charity, the Education and Training Trust, is set to transfer its assets of around £2 million to The Worshipful Company of Insurers (WCI) Charitable Trust.
This move aims to bolster resources available to the WCI, supporting various initiatives within the insurance sector and beyond.
For the past five decades, the CII’s Education and Training Trust has played a crucial role in supporting the educational and training endeavours of insurance and allied professionals, often working collaboratively with the WCI.
The assets transfer, which will create a combined asset pool estimated at £4.4 million, was proposed by the Education and Training Trust’s board of trustees and endorsed by the CII Group.
According to an emailed news release, two trustees from the Education and Training Trust will join the board of the WCI Charitable Trust for continuity purposes.
The completion of the fund transfer is anticipated in the first quarter of 2024, after which the CII Group will systematically wind-up the Education and Training Trust.
Simon White, chair of the trustees of the Education and Training Trust, highlighted the collective potential of the transfer.
“Combining our undertakings with the Worshipful Company of Insurers Charitable Trust will enable us to continue collectively to greatest effect, benefiting even more people in the insurance profession for many years to come,” he said.
Dr Helen Phillips, CII Group chair, expressed gratitude and assurance regarding the move.
“The legacy and objectives of the CII’s charitable aims will be preserved through this move, ensuring that those in need will continue to have an opportunity to find the support that will enable them to pursue their career in the insurance profession,” she said.
Meanwhile WCI Charitable Trust chair Katie Wade welcomed the transfer.
“We are delighted to accept the transfer of funds from the CII’s Education and Training Trust and the responsibility to provide for future generations of insurance professionals,” Wade said.
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