Move would follow next month's takeover of Friends Provident

Resolution chief executive John Tiner has not ruled out buying a general insurance business to sit alongside its life acquisitions.

Tiner said Resolution had looked at acquiring a general insurance business last December, but the timing was not right.

“There are inherent structural problems for financial services in the UK and globally. There are too many costs in the system, too many conglomerates.

“We saw an opportunity to intervene. In general insurance, the premium cycle was not at the right point for us to be an investor.

“The cycle is usually driven by catastrophes and exacerbated in either direction by investment income,” he said.

Resolution, an acquisition-driven business set up last year, will next month complete its £1.86bn takeover of life and pensions provider Friends Provident.

Tiner, a former head of the FSA, was hired last September by insurance entrepreneur and Resolution founder Clive Cowdery.