Resolution founder Clive Cowdery has bought £600,000 worth of shares in the UK insurance sector consolidation vehicle.
Cowdery bought 240,000 shares yesterday at 252.91p each. It is the first time Cowdery has invested in the company outside the Resolution vehicle.
Resolution has acquired Friends Provident, Axa’s UK life and pensions business and Bupa since it began its life sector consolidation project in December 2008.
The Friends Provident and Axa businesses have been merged to form Friends Life. Resolution subsequently took the decision to split its operations between an open front book and a closed back book.