GE Life to sell for £40m less than estimates - papers 4th Oct

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 Frie...