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L&G and Scot Wids top Cowdrey’s shopping list

Legal & General and Scottish Widows are top of Clive Cowdrey’s shopping list, according to reports in The Telegraph.

Cowdrey yesterday announced his desire for Resolution to acquire at least two more life insurers, alongside the £1.86bn purchase of Friends Provident, within the next 18 months.

Cowdrey has discussed a list of 25 companies with investors and analysts. The Telegraph says Friends Prov is believed to have formerly examined a merger with L&G.

Resolution is also thought to have recently considered a bid for Prudential, after an initial proposal was rejected earlier this year.

Analyst firm Keefe, Bruyette & Woods says Resolution’s focus will also include the UK operations of European players such as Axa, Swiss Re and Aegon.

KBW says Standard Life and L&G would be “reluctant brides” of Resolution.


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