It said last week it was close to a capital restructure that would raise £500m in new equity subject to agreement with its lenders, FSA approval and certain other conditions.
After floating on the London Stock Exchange, Pearl plans to target acquisitions of listed life insurers, which have suffered sharp falls in value recently.
Pearl Group is also giving its 17 lending banks the option of exchanging debt for new debt or equity in a bid to reduce its existing £3bn debt.
The restructure could see Osmond go head to head with old rival Clive Cowdery at Resolution in a competition to acquire assets.
Last month, Pearl Group Holdings, a subsidiary firm that holds bonds issued by Clive Cowdery’s original Resolution before it was taken over by Pearl in 2007, said that it would defer payment of the coupon of the notes. In a statement to the City, the firm blamed market conditions.