Guardian Financial Services, a consolidator of
closed assets in the European life insurance sector, has agreed to
acquire 300,000 in-payment pension annuities from Phoenix Group,
which is a closed life assurance fund consolidator.
Phoenix Group will transfer approximately £5
billion ($78.1bn) of assets to Guardian to meet all future payments
to the annuity policyholders. The deal is expected to be completed
in July.
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The companies will then work together to
transfer the policies to Guardian under Part VII of the Financial
Services and Markets Act 2000. Following the transfer, Guardian
will manage approximately £13bn of assets on behalf of over 600,000
customers.
Jonathan Yates, chief executive of Guardian
Financial Services, said: “[The transaction] represents an
important next step for Guardian as we pursue our closed life fund
consolidation strategy in the European life insurance sector.”
European private equity firm Cinven acquired
Guardian in November 2011 as an entry point into the UK closed life
market
Caspar Berendsen, a partner at Cinven, said:
“This transaction demonstrates that there are clearly opportunities
for further consolidation in the closed life sector.”
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