Closed-life consolidator Phoenix Group Holdings has confirmed it is in initial talks with Swiss Re's Admin Re Business Unit over a potential merger.
In a notice on the stock exchange this morning, the group said if the deal went ahead a possible combination of Phoenix and Swiss Re's Admin Re Business Unit would result in Swiss Re taking a minority shareholding in Phoenix in consideration.
However, it added: "There is no certainty that these discussions will lead to any transaction or the terms on which any such transaction might proceed."
Phoenix Group operates mainly in the UK and specialises in taking over and managing closed life and pension funds. It was formerly known as Pearl Assurance.
The group looks after the policies of about 6 million people and assets of £68.6bn, as of 31 December 2012.
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