Royal London now controls over 10% of the UK's individual life market after completing the takeover of Phoenix Life Assurance and the Scottish Provident and Scottish Mutual protection businesses.
Royal London will merge its newly-acquired Scottish Provident International Life Assurance (SPILA) business with Scottish Life International (SLI).
Royal London has completed the integration of Scottish Provident International Life Assurance (SPILA) to the group, the first finalised asset transfer following the Pearl-led takeover of Resolution.
Hugh Osmond, the serial entrepreneur, is considering relocating Pearl Assurance, his financial services group, outside the UK for tax purposes, in the latest sign that frustrated businesses have lost faith in the Labour Government, The Times reports....
The acquisition of Resolution by Pearl has been officially completed after months of false starts and delays dating back to middle of last year.
Resolution Asset Management (RAM) CEO Gavin Stewart is to spearhead the launch of a new £80bn asset management business.
Pearl finally looks set to complete its takeover of Resolution after the FSA approved its change of control applications.
Pearl's £4.98bn acquisition of Resolution is now in the hands of the FSA after the Hugh Osmond-led group submitted its revised change of control application to the regulator.
Pearl's £4.98bn acquisition of Resolution has been delayed while the Hugh Osmond-led group obtains updated financial information on the Glasgow-based insurer in light of the "exceptional recent volatility of financial markets".
The Pearl Group's £4.98bn acquisition of Resolution could take another three months to complete.