GE Life is expected to sell for at least £40m less than original estimates as the auction of the life insurance business of General Electric enters its final stage, reports the Times .
Swiss Re and Deutsche Bank are believed to be the final two bidders for the insurer, which had been expected to sell for as much as £380m at the beginning of the four-month auction process.
XL Re, a new entrant to the closed life business, is thought to have backed away from the deal, says the paper.
Smaller annuity providers are also circling, attracted by the prospect of picking up from the auction winner pieces of GE Life which are still open for business.
Those watching the sale closely include Phoenix Equity Partners, the private equity company which owns the Pensions Annuity Friendly Society (Pafs).
PATRICIA DUNN, the American businesswoman recently forced to resign as Hewlett Packard chairman, received about £15m from Barclays bank last year, says the Guardian.
The payment was the result of an internal pay scheme put in place while Dunn – known as Patti when she worked in Britain – ran the investment management arm of Barclays.
The figure is not reported in the remuneration report published by the high street bank but is found in documents relating to a lucrative share scheme established by Barclays Global Investments (BGI), the fund manager she ran until 2002 when she resigned to fight cancer.
Documents lodged at Companies House show a number of past and current Barclays staff cashed in shares last year. One is Lindsay Tomlinson, BGI's vice chairman of Europe, who sold shares worth about £5.5m in April last year and is still sitting on shares worth more than £25m.
THE CONSERVATIVE Party's treasurer, Lord Marland of Odstock, has joined forces with a team of top City figures, including Icap chief executive Michael Spencer, to invest in the Lloyd's of London insurance market, according to the Independent.
The consortium, which also includes hedge fund manager Crispin Odey as well as Carphone Warehouse's co-founder David Ross, said yesterday they planned to take their first step into the market through the acquisition of a small investment vehicle, Insurance Capital Partners (ICP).
Lord Marland, who is also a former chief executive of the insurance broker Jardine Lloyd Thompson, has extensive experience working in the London insurance market. He was made a life peer earlier this year.
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