Lloyds TSB Insurance has acquired the new and existing general insurance business of closed life fund group Pearl Group.
The gross assets of the business acquired total less than £60m and will provide Lloyds TSB with the right to market a range of GI products under the Pearl brand across the UK.
Lloyds TSB Insurance managing director Phil Loney says: “‘The corporate
partnership market provides considerable opportunities within the general
insurance arena and will support Lloyds TSB Insurance in the delivery of
profitable sales growth through access to a wider customer base. With a strong
track record in enhancing its manufacturing capabilities, Lloyds TSB Insurance
is also well placed to maximise efficiencies from the combined operations.”