Phoenix is on the hunt for acquisitions and could spend £1.5 billion on a deal to expand its “zombie” life insurance business.
The company, which buys up life insurance and pension policies, has grown to become Britain’s biggest player in long-term savings and retirement investment, with 14 million customers and £338 billion of assets under management.
It has been at the forefront of mergers and acquisitions in insurance, having bought Standard Life Aberdeen’s insurance business in 2018 and last summer acquired ReAssure, one of its main rivals, from Swiss Re for £3.2 billion.
Phoenix has the capacity for another substantial deal, according to Andy Briggs, its chief executive. “I’m not pounding the streets looking, but we have got the firepower,” he said.
The company specialises
Source: Google | Insurance News