Pearl Group to rebrand as Phoenix

19 February 2010 11:16 am | By Leah Milner

The board of Pearl Group, which is 15 per cent owned by Osmond, have called an extraordinary general meeting to decide on the rebrand on March 15.

The group revealed it has generated approximately £500m in cash over 2009, meaning it will be ready to make acquisitions as soon as it floats.

Chairman Ron Sandler says: “I am pleased to report that we have made significant progress on a number of fronts to continue to strengthen our financial position and governance and to support our stated goal of achieving a premium listing on the London Stock Exchange.

Sandler adds: “In addition, we are announcing today our intention to change the name of the group. The reconstruction last year provided the Group with fresh momentum, and the decision to change the name is a reflection of this.

“The Phoenix brand has been associated with life assurance for over two hundred years, and carries a proud legacy. It will serve us well as we
continue on our chosen path of consolidating closed life funds in the UK.”

Pearl has also appointed three independent directors Charles Clarke, Isabel Hudson and David Woods.

Clarke is a Jersey resident chartered accountant who spent 30 years with KPMG, latterly as senior partner of the Channel Island branch.

Hudson is an insurance professional and has been an executive director of both Eureko BV and Prudential Assurance.

Woods is an actuary by training and has been managing director of Scottish Provident, deputy chairman of Aberdeen Asset Management, and is chairman of Royal Liver Assurance.

If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing