Cowdery’s Resolution could buy life businesses of UK firms

Insurer shares rose on speculation that Clive Cowdery’s Resolution would follow its buyout of Friends Provident by buying the life businesses of several major insurers, the Times reports.

Shares in Legal & General (L&G) rose 2¼p to 65¼p after Oriel Securities suggested that the insurer was the most likely next target.

Targets could then include the UK life subsidiaries of Aegon, Axa or Lloyds Banking Group. The UK life books of Prudential, up 11½p at 478¼p, and Aviva, up 12p at 370¼p, are possible targets.