Phoenix weighing Abbey Life bid


Closed-book provider Phoenix is weighing a bid for troubled rival Abbey Life, Sky News reports.

Phoenix has hired bankers to advise on a bid for the business, which is owned by Deutsche Bank.

Sky News reports that Deutsche has begin seeking buyers for the business in the last few weeks as part of a drive to strengthen its balance sheet.

Abbey Life includes books of business from companies including London and Edinburgh Life, Excess Life, Target Life and Hill Samuel Life.

The news comes just two weeks after Abbey Life was one of the firms revealed to be facing FCA enforcement following the regulator’s long-awaited closed-book review.