L&G acquires closed annuity firm in £151m deal

The deal, which is subject to Financial Conduct Authority and Prudential Regulation Authority approval, is expected to complete in the third quarter, L&G said. Lucida was founded in 2006 to focus on the bulk purchase annuity market. It implemented bulk annuity arrangements with the Merchant Navy Officers Pension Fund, among others, before closing to new business in November last year. L&G said the acquisition forms part of its strategy of accelerating its organic growth via bolt-on acquisitions. Its purchase will be funded from surplus capital held within the group. L&G managing di...