Royal London welcomes Pearl’s acquisition of Resolution

Royal London is breathing a sigh of relief over the final stage completion over Pearl’s acquisition of Resolution.

It says while nothing will change immediately in terms of IFAs dealing with their clients, the move is welcomed.

Group chief executive Mike Yardley says: “Today marks the start of the final phase of Royal London’s acquisition of some of the Resolution businesses and assets from Pearl.

“At an operational level, nothing is changing at the present time.  Advisers and policyholders will continue to deal with their usual contacts in the businesses that are transferring, notably Scottish Provident International and the protection business of Scottish Provident. Similarly, it is business as usual for Bright Grey and Scottish Life International, within Royal London Group.

“Over the next few weeks we will be working closely with Pearl to separate the parts of Resolution that will be transferring to Royal London from those that will remain with Pearl.  We will be focussed on ensuring the transition is as smooth as possible for everyone concerned.”

Royal London has confirmed the businesses being acquired are the protection businesses of Scottish Provident and Scottish Mutual Assurance, including the policies in force, Phoenix Life Assurance – formerly Abbey National Life and Isle of Man-based Scottish Provident International Life Assurance, which is based in the Isle of Man.

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