View more on these topics

LV= to buy Tomorrow

LV= has entered into talks to acquire retirement specialists Tomorrow, formerly GE Life, from Swiss Re and will co-brand products from July this year.

As of July 1 all products actively marketed by Tomorrow will be co-branded with LV=, including specialist annuities, equity release and pensions products including Sipps. Tomorrow products will be fully branded by LV= from January 1 2008.

Under the deal LV= has obtained an option to acquire Tomorrow’s new business capability, exercisable in late December 2007.

LV= group chief executive Mike Rogers says: “The proposed acquisition of the new business capability of Tomorrow will give us a strong market presence in three flexible retirement product sectors, with an established and well-regarded IFA distribution network. This proposed acquisition is in line with our strategic vision to expand our proposition into flexible retirement market, it transforms the growth prospects for our life business and should create substantial value for our members.”

Swiss Re’s UK Admin Re operation managing director Jonathan Yates says: “We are delighted to be entering into this option agreement. LV= will invest in the people and products required to grow these lines of business. This agreement honours the commitment we made to the market, employees and customers to maintain this business as a going concern.”

LV= says it will maintain Tomorrow’s operations in Hitchin and its regional sales offices.

Recommended

IFAP voices menu concern

IFA Promotion has warned the replacement to the menu and IDD must prioritise consumer protection and ensure a level playing field across advice channels.IFAP chief executive David Elms says he is concerned by the FSA’s announcement that the menu and IDD are to be scrapped and speculation about what will replace them. He says the […]

Chartwell rebrand means end of the Cavendish Grant brand

Chartwell’s four business activities have been rebranded under the Chartwell banner meaning an end to the Cavendish Grant brand. Cavendish Grant IFA becomes Chartwell Private Client, Chartwell Direct becomes Chartwell theinvestorcentre.com, the fund arm becomes Chartwell Fund Management and the independent mortgage brokers remains as Chartwell Funding.The firm’s multi-asset Oeic is rebranded the Chartwell Oeic.Chartwell […]

RBSIP ready to restructure

Royal Bank of Scotland Intermediary Partners is set to shake up its brands, with structural changes expected in the coming weeks.The firm will be quick to market with its new proposition. RBS head of intermediaries Chris Pearson says it clearly needs to do something with its brands as the set-up has not worked so far.Pearson, […]

Can UK companies satisfy global appetites?

By Mark Martin, Manager of Neptune UK Mid Cap Fund

Rapid economic and income growth is leading to a dramatic shift in diet towards protein products right around the globe. UK companies such as Genus, the world’s largest livestock breeder, are benefiting from this increasing demand. Mark Martin, manager of the Neptune UK Mid Cap Fund, discusses this investment theme.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment