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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.


BVI and Cayman Islands on OECD ‘white list’

The British Virgin Islands and the Cayman Islands have been placed on the Organisation for Economic Cooperation and Development’s white list after signing a tax information exchange agreement with New Zealand.

Sesame profits suffer £1m loss

Sesame lost £1m in the first half of 2009 from a profit of £2m over the same period in 2008. Despite the loss, Sesame insists it is in a strong position to independently fund the Bankhall buyout and says it is on track to end the year profitably.


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