The future of Bright Grey is secure even if its parent Royal London buys Scottish Provident, the firm pledges today.
Royal London head of intermediary business, John Deane, says Bright Grey and Scottish Provident will run side by side despite the fact both operate mainly open-book protection business.
As part of the forthcoming Pearl/Resolution deal, it was agreed Scottish Provident would be purchased by Royal London.
Pearl and Resolution operate closed-book business so offloading Scottish Provident – mainly open-book – was expected.
However, as Bright Grey also operates open-book business, some industry commentators have questioned whether Royal London would merge Scottish Provident with Bright Grey.
A key date in the future of all companies concerned is January 10, when Resolution will hold an Extraordinary General Meeting (EGM) inviting shareholders to vote on its acquisition by Pearl.
John Deane maintains, should the deal receive shareholder and regulatory approval, Royal London will keep both brands.
“There will be customer proposition teams for both Scottish Provident and Bright Grey and that is not up for debate,” he says. “It is not a case of refuting anything; these are the facts.
“They are both powerful brands. They both have people in terms of support. Why would we change that? There is no reason or need to do so.”
He adds: “With regards to preparations there is nothing significant we can do at the moment as any deal (between Pearl and Resolution) is subject to approval.”
The future of several protection providers is under scrutiny after Standard Life announced last week it was pulling out of the UK protection market.
In addition, Scottish Widows has stopped putting its name on portal quote systems prompting speculation it too will soon depart the UK protection arena.
Talks between Royal London and Royal Liver about a proposed 'partnership' broke down earlier this year.
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