Britannic Group is merging with Resolution Life in a deal worth around £1.8bn to the closed book life business firm and which will see Resolution bring its asset management in-house.
Acquisition-hungry Resolution Life this morning announced this merger should give the firm six million policies and £35bn of closed book life company assets under the Britannic merger, to give a combined embedded value of around £2.1bn. Moreover, talk from Resolution’s chairman Clive Cowdrey suggests the group is keen to seek out yet more new acquisitions alongside plans to develop new third-party asset management and administration services. This is the third such deal for Resolution Life in recent months, having recently acquired assets from Swiss Life and Canada Life, and follows t...
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