Friends set for 750m L&M takeover

Article Abstract:

Signalling further consolidation in the UK door-to door insurance sales market, Friends Provident, the fourth largest mutual insurer in the UK is set to announce its take-over of UK home insurance company London & Manchester (L&M) for GB 750mn, which would increase Friends Provident's share of the insurance sector. Current funds under management total GB 24bn, making it the 11th largest UK insurance company. L&M also owns an estate agency chain with 80 outlets in the UK. The proposed deal may result in cash payouts for policy holders at Friends Provident, but there are no plans to drop its mutual status. Analysts believe that Friends Provident could merge with one of the four other European mutual insurers making up the Eureco alliance rather than joining with a UK group in a possible hostile take-over.

Comment:

Is set to announce its take-over of UK home insurance company London & Manchester for GBP750 mil

Direct Property and Casualty Insurance Carriers, Financial Guaranty Insurance, Friends Provident, London and Manchester

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Pru weighs up bid for NPI

Article Abstract:

Prudential, the insurance giant, is considering bidding for the mutual life insurer National Provident Institution (NPI). Analysts expect NPI could fetch up to GB 1.5bn. Prudential has also announced the formation of a direct banking venture that will sell financial services by internet, phone and mail called "Egg". Costing GB 150mn to set up it will create 1500 jobs and a profit by 2001. The company aims to have GB 5bn funds under management and 1mn customers within five years. The products will appeal to young professionals and customers familiar with technology.

Comment:

Insurance giant considering bidding for the mutual life insurer National Provident Institution

National Provident Institution, Prudential Assurance Company Ltd.

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Aon counterbid

Article Abstract:

UK based insurance broker, Willis Corroon, could receive a counter-bid from US based insurance giant, Aon Corporation. The company has already been the subject of a GB 851mn offer from KKR during July 1998, but this latest bid is understood to top KKR's offer. It is believed that KKR has already secured the backing of 20% of Willis Corroon shareholders and if the company decides to accept the higher bid it will stand to receive some GB 8mn from the company.

Comment:

UK based insurance broker, Willis Corroon, could receive counter-bid from this co

Insurance Agencies and Brokerages, Insurance Agents & Brokers, Insurance industry, Aon Corp., Willis Corroon Corp.

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