Former Life Trust chief executive Andy Briscoe has secured private equity backing and is looking at a broad spectrum of financial services companies as potential acquisition targets.
Briscoe would not expand on the types of businesses he is looking to acquire and refused to comment on whether he is in talks with any firms.
He says: “I am working with private equity houses to find interesting businesses to buy and those are in the broad financial services sector. I would not rule out distribution but I am not specifically targeting businesses in that area. I am looking at all kinds of businesses.”
After launching in 2008, Life Trust closed its insurance arm to new business in March 2009 as a result of difficult market conditions. It was unable to raise capital to stay afloat after poor sales of its longevity income plan and longevity risk manager.
The board offered all policyholders the return of their original investment plus an ex gratia payment equal to around 5 per cent. Briscoe said at the time: “We are taking this action having explored every avenue available to us and we believe this is the the most responsible course of action.”