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Pru bid for American General off

Prudential&#39s attempt to take over American General has failed after its £14bn bid was beaten by American International Group, the world&#39s largest insurance company.

Pru will be receive an immediate termination payment of £419m from American General for breach of the takeover agreement reached earlier this year.

A Pru spokesman says: ” American General has concluded the AIG deal is better for its shareholders. There is no change in our strategy as we will continue to look at acquisitions that are right for us.”


Clerical recruits to keep pace with business boom

Clerical Medical&#39s UK new business figures for the first quarter of this year are up by 63 per cent to £109.9m from £67.4m in annual equivalent premiums. Worldwide new business was up by 62 per cent on the same period last year to £136.7m from £84.3m. The rise in business covers all markets across life […]

Thesis enters arena with multi-manager service

Thesis Asset Management is targeting IFAs for the first time with the launch of a new portfolio management service. The Cathedral service offers a multi-manager approach where portfolios can be invested in a range of unit trusts, investment trusts, Oeics and offshore funds from a number of fund managers. It also offers self-invested personal pensions, […]

Inter-Alliance buys the Pru&#39s salesforce

National IFA Inter-Alliance has bought Prudential&#39s direct salesforce and part of its customer base comprising 70,000 clients. The move by Inter-Alliance to offer new roles to Pru consultants and managers foll-ows weeks of discussions after the decision to axe the salesforce of 1,400 on February 13. Inter-Alliance estimates about 1,000 of the staff will accept […]

Northern Rock creates flexible mortgage with a difference

Northern Rock is getting flexible with the introduction of the together connections mortgage, one of the small number of flexible mortgages that come with additional features.The mortgage will track the Bank of England base rate for the first four years of the loan and is guaranteed not to be more than 1.5 per cent above […]


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