LV= (formerly Liverpool Victoria) has entered into an agreement to acquire Tomorrow (formerly GE Life) from Swiss Re. The option agreement becomes exercisable in late December 2007, subject to regulatory approval.
Tomorrow’s range of specialist enhanced annuities, equity release lifetime mortgages, and pension products including SIPPs, will be distributed under joint LV= and Tomorrow branding from 1 July 2007. However, from 1 January 2008, LV= would integrate Tomorrow’s new business operation and offer the former Tomorrow products under the LV= brand. LV= says the Tomorrow business is a good fit with its strategy and complements its existing strength in protection and with-profits products. Tomorrow is one of the UK’s leading providers of flexible retirement solutions, selling £785m of new single...
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