CII transfers funds to The Worshipful Company of Insurers

The CII Group’s charity, the Education and Training Trust, is transferring its net assets of approximately £2 million to The Worshipful Company of Insurers Charitable Trust, enhancing the resources available to the WCI to support activities within the insurance profession and beyond.

The CII’s Education and Training Trust has supported insurance and allied professionals to advance their education and training for the past 50 years, often working hand-in-hand with the WCI. The CII Group has endorsed a proposal by the current Board of Trustees of the charity to transfer all of the organisation’s assets to the WCI, which will create a combined asset pool of around £4.4 million.

The transferred funds will continue to be protected and managed for the same purposes as currently prescribed by the Objects of the Education and Training Trust. To that end, two of the organisation’s trustees will also join the WCI Charitable Trust board, to ensure continuity of treatment of the assets. Once the funds have been transferred, which is expected to be completed in the first quarter of 2024, the CII Group will wind-up the Education and Training Trust in an orderly manner.

Simon White, Chair of Trustees of the Education and Training Trust, said: “The CII’s Education and Training Trust has provided valuable support to a great many individuals over the past half century. Combining our undertakings with the Worshipful Company of Insurers Charitable Trust will enable us to continue collectively to greatest effect, which will benefit even more people in the insurance profession for many years to come.”

Dr Helen Phillips, CII Group Chair, said: “The CII Group would like to thank all those who have given service to our Education and Training Trust over the years, and particularly to those current trustees who identified this opportunity. 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.”

Katie Wade, Chair of The Worshipful Company of Insurers Charitable Trust, said: “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. The WCI has a long history of philanthropic work, often alongside the CII, so it makes good sense to combine our assets and further our goals in this way.”