THE chief executive of insurer Royal Liver said delegates “did right” by agreeing to consign the iconic company to the history books.

Royal Liver’s delegates, who represent its 1m policyholders, yesterday agreed at their annual meeting in Liverpool that the mutual should be taken over by larger rival Royal London.

Royal Liver’s interim chief executive, Bill Connolly, said the organisation, which has been hit hard by the global financial crisis, was now too small to survive on its own.

The deal will see the end of the iconic Royal Liver name. The society’s £3bn of assets, including the world- famous Royal Liver Building, will be transferred to Royal London.

Mr Connolly and the board had to answer some tough questions, particularly over the company’s failed Park Row venture, which racked up millions of pounds of losses and was criticised by regulators. But yesterday afternoon, delegates agreed to the takeover by 143 votes to 34.

Speaking exclusively to the Daily Post yesterday, Mr Connolly said: “The debate was long, detailed and emotional, as you would have expected.

“The delegation takes its responsibilities very seriously. It took into account all the material facts that we were able to present it with.

“There were sceptics. They didn’t always like some of the answers they received. But at the end of the day they did right, as I suspected they might. I’ve worked with them for a long time now and I trust the delegates to do the right thing in members’ best interests and cast aside the nostalgia that is always present.”

The takeover has yet to be approved by the Financial Services Authority. If approval is received, then Royal Liver will cease to exist as a standalone business at midnight on June 30 – just days before the 100th anniversary of the opening of the Royal Liver Building.

Royal Liver today employs some 280 people in Liverpool. Mr Connolly has previously warned that there could be job losses under its new ownership – and warned that remaining staff could have to move out of their iconic home.

Those decisions will be up to Royal London, which yesterday welcomed news the deal had been approved.

Royal Liver was founded in 1850 by workmen in Liverpool’s Lyver Inn.