Private equity firm buys MGM Advantage

Jenna Towler
clock

Annuity specialist MGM Advantage, a mutual society, has been sold to private equity firm TDR Capital.

The firm said the deal would net eligible members of the mutual society who hold with-profits policies a share of a £9m goodwill payment. The mutual society will close to new business when the deal completes allowing a distribution of the surplus capital over time to eligible members. A new life company, financed by funds managed by TDR Capital, will continue to focus on the retirement income market trading under the MGM Advantage brand. It will also continue to service the closed mutual society. As part of the transaction, £800m of annuity business risk will transfer to the new li...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Income

Targeted support: FCA rules out specific annuity suggestions

Targeted support: FCA rules out specific annuity suggestions

Firms must signpost consumers to MoneyHelper’s annuities comparison tool

Jenna Brown
clock 30 June 2025 • 3 min read
How annuity underwriting needs to change to meet Consumer Duty

How annuity underwriting needs to change to meet Consumer Duty

'This is an industry systematically delivering poor outcomes'

Andrew Gething
clock 24 June 2025 • 4 min read
Annuities in a post-freedoms world: The need for rebranding and repositioning

Annuities in a post-freedoms world: The need for rebranding and repositioning

‘The challenges facing today’s retirees are intensifying’

Steve Butler
clock 22 May 2025 • 4 min read