Quilter sells life assurance arm
As Utmost completes transfer of mutual life insurance company
As Utmost completes transfer of mutual life insurance company
Policyholders could be set for a windfall after the world’s oldest mutual assurer, The Equitable Life Assurance Society, is sold to Life Company Consolidation Group (LCCG).
Life insurance consolidators could be set to make another big acquisition after UK insurer Equitable Life, which was pulled back from the brink of collapse in 2000, confirmed it has hired Goldman Sachs to explore potential sales opportunities.
Equitable Life has reached an agreement to transfer 31,000 annuities, valued at around £875m ($1.35m, 1.2m) , to Canada Life in a bid to release capital for distribution to its long-suffering with-profits policy holders.