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Resolution founder plans £600m swoop on US insurer

Resolution founder Clive Chowdery is reportedly planning to purchase US insurer Lincoln Benefit Life for £600m, his first move into the US.

According to a report in the Sunday Times, Cowdery is competing for control of the business – owned by American insurance giant Allstate – with private equity firms TPG Capital and JC Flowers.

In December, Resolution set out plans to ditch its externally advised operating structure in a move to protect its premium listing on the London Stock Exchange.

The restructure saw the boards or Resolution Operations LLP (ROL), which provided advisory services in relation to mergers, acquisitions and group strategy, and Friends Life merged.

In January last year, the Financial Services Authority, now the Financial Conduct Authority, set out plans to prevent firms which are managed by an offshore advisory company from having a premium listing on the LSE. This is similar to the structure currently used by Resolution. The rules are set to come into force in January 2014.

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