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Swiss Re confirms Resolution interest

A potential bidding war for fund management firm Resolution has become all the more likely today after Swiss Re confirmed it is in discussions with Standard Life over acquiring certain closed-books of life business from the firm.

Swiss Re has said that although no binding commitments have been made the group is keen to expand its business from any attractive opportunities in the market and will make a further announcement in due course.

Standard Life’s planned move with the world’s biggest reinsurer became all the more likely after Hugh Osmond’s Pearl launched a bid in tandem with Royal London, with a 660p a share approach made, and subsequently rejected last week.

Standard Life is now expected to trump that with a £5bn bid of their own with the group’s chief executive Sandy Crombie declaring the group’s interest in the firm last month.

However, both Standard Life and Swiss Re will need to move fast as Resolution investors will meet to vote on the Friends Provident deal in just three weeks.


Sub-prime crisis to hit 1,000 UK jobs

The number of job losses in the UK mortgage market as a result of the US sub-prime crisis is set to top 1,000.GMAC-RFC cut over 200 jobs last week and a fur- ther 66 as it closed its sub-prime subsidiary High Street Home Loans.In the last few months, Lehman Brothers announced up to 150 UK […]

Tribunal rejects FSA promotions rulings

The FSA has been forced into an embarrassing climbdown after the Financial Services and Markets Tribunal overturned most of its rulings against a firm for financial promot-ions failings.The FSA fined solicitors Fox Hayes £150,000 in September 2006 for approving a number of financial promotions for unauthorised overseas companies. It claimed the firm had not taken […]

Kirwan stays at ABI

Nick Kirwan is to remain as head of health and protection insurance at the Association of British Insurers on a permanent basis.Kirwan, who resigned from Scottish Widows in April, took over the role from Richard Walsh in June on a six-month consultancy basis pending a formal recruitment process but has now accepted the position permanently.Since […]

ABI anger at flood defences

The Association of British Insurers is up in arms at the Government’s decision to increase investment in flood defences to only GBP800m a year by 2010.Before the devastating summer floods, the industry was pushing the Government to invest GBP2.25bn in flood defences over the next three years and has since been calling for this rise […]


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