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Zurich snaps up Abbey Life arm

Zurich Financial Services is buying the distribution network of Lloyds TSB subsidiary Abbey Life Assurance.


The move leaves Abbey&#39s 350-strong self-employed salesforce under a question mark on the future of their contracts.


Zurich, which is 43 per cent owned by Allied Zurich, is paying Lloyds £80m in cash plus up to £20m in a performance-related follow-up payment two years after the deal is completed.


The purchase will be made through subsidiary Allied Dunbar Assurance.



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