Resolution eyes up further deals

first_img RESOLUTION, the insurance buyout group founded by entrepreneur Clive Cowdery, said yesterday that it remains firmly on the acquisition trail, with a view to exploiting opportunities overseas as well as in the UK.Chief executive John Tiner said the group has a “wider and longer-term ambition to build restructuring projects in other jurisdictions”, including the US, though he emphasised that the group’s “priority is the UK”.Resolution, which aims to build up a life insurance group valued at £10bn before floating or selling it by 2013, yesterday reported booming sales at its Friends Provident brand over the first nine months of the year, rising 35 per cent to £683m.Friends Provident was boosted by its international and Lombard businesses, which grew sales 31 per cent to £176m and 184 per cent to £213m respectively, while UK life and pensions sales lingered at similar levels to last year. Friends Provident’s UK sales totalled £294m over the period, while the newly-acquired Axa UK life business contributed £26m of sales in September.Resolution last month announced its intention to acquire Bupa Health Assurance for a net consideration of about £102m, expected to complete early next year. The deal aims to up the group’s market share in individual and group protection.Resolution’s share price has tumbled 30 per cent over the year so far against a five per cent rise in the sector as a whole, making it one of the worst performing insurance stocks in Europe. Analysts blame the decline in part on concerns the company may launch a big rights issues to fund future deals. The shares lost 0.8 per cent yesterday to close at 244.5p. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution KCS-content Tags: NULL whatsapp whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img Resolution eyes up further deals Share Thursday 11 November 2010 7:42 pm Show Comments ▼ last_img read more

Continue reading