Abbey National has reportedly won the Scottish Provident sweepstakes with a deal for the purchase of the mutual insurer worth £2bn. The sale will result in windfalls for Scot Prov policyholders of an average of £4,500 to £6,500 each. Abbey was facing competition from a number of rivals including Royal London, Liverpool Victoria, Old Mutual and Swiss Life. All of them had expressed interest following Scot Prov's announcement earlier this year it was interested in demutualisation. Any deal would have to be approved by the life office's 450,000 policyholders. A vote is most likely to be held next spring, with windfalls being paid to those eligible by the autumn. Abbey will likely sell off Scot Prov's 38 per cent interest in fund manager Aberdeen Asset Management worth between £300m and £400m. Scot Prov has a total of £10.5bn in assets. If successful the move will redeem Abbey chief executive Ian Harley who failed in his bid to buy Scottish Amicable in 1997.
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First British president for MDRT in 73 years
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Investment uncovered: How to pick a passive fund
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Youngest PFS fellow finds new advice firm
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