Insurer says it can meet UK targets without further acquisitions
British insurance takeover vehicle Resolution called a halt to its acquisition programme on Wednesday, saying it could meet certain key financial targets without making further deals for now, according to Reuters.
"Resolution is confident that it will achieve its targeted mid-teen returns on the UK Life Project without further acquisitions," the company said in a statement.
"It will not contemplate acquisitions that would dilute the returns likely to emerge from the three acquisitions already made; there is therefore a high threshold for evaluating further acquisitions," it added.
Resolution, founded by entrepreneur Clive Cowdery, has aimed to build up a British life insurer valued at £10bn ($16.20bn) before floating or selling this by 2013.
It paid £1.8bn for life insurer Friends Provident in 2009, and last year acquired most of Axa's British operations for £2.75bn and the group life insurance arm of health insurer Bupa.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet