Pearl finally makes its Resolution

PEARL GROUP & RESOLUTION PLC - Merge Forces Compare Broker Only             ~ Life Insurance & Critical Illness   On-line >15 secs

PEARL LIFE ASSURANCE & RESOLUTION PLC - JOIN FORCES 5/08

After much delay & debate the FSA finally approved the merger of Pearl Group & Resolution - the Uk's biggest closed fund management companies therefore merged. Pearl Group are owned by Sun Capital & TDR. In 2007 Resolution had proposed to merge with Friends Provident to create Friends Financial Group plc - but this merger never came to fruition.

About Pearl Assurance

Based in Peterborough, Pearl was founded in 1857. Over the next 100 years, the Pearl evolved to become a popular provider of Uk life insurance and financial services provision with their direct sales agents. In 1990, they were taken over by Australian financial giant AMP, then reportedly the largest takeover of a British financial institution by an overseas organisation. In 2003, Amp Pearl, Amp NPI and Amp London Life were de-merged from AMP to become part of a new UK company called HHG.

In 2004, the HHG board accepted an offer for Pearl, NPI and London Life. In 2005, the 3 companies became part of the newly formed Pearl Group Limited. Pearl's primary focus is to no longer seek new business but look after over £10 billion of assets in closed life funds on behalf of its 2 million policyholders.

Once the Pearl Insurance was a major force in the mortgage protection market place via their sales force but then slowly disappeared from selling protection as they as the mortgage market slowly moved from endowment to repayment mortgages. The old Pearl Life UK products included personal & business protection cover, mortgage protection & term assurance. 

About Resolution Life Group

Resolution Life Group Limited was formed in 2004 for the sole purpose of buying and running closed UK life funds. Resolution plc was formed in 2005 from the merger of Resolution Life Group Limited and Britannic Group plc. Resolution plc is the largest specialist manager of in-force UK life funds.

In 2004, Resolution Life Group bought the UK life operations of Royal and SunAlliance for £850 million which had closed to all new life insurance business in 2002. In 2005, Resolution Life Group acquired Swiss Life UK for £205 million which had closed to new business in 2003.

Subsequently Resolution integrated the former Royal & SunAlliance UK life business (R&SA Life) and Swiss Life (UK) plc (Swiss Life UK) into one group called Phoenix Life Group (Phoenix). From 2005 all Royal Sun Alliance Life and Swiss Life UK policies were re-branded to Phoenix. They also look after the funds of Cornhill Direct Life Insurance and Scottish Mutual.

In 2006, Resolution Life plc acquired the life businesses of Abbey National plc which was re-named Phoenix Life Assurance Limited. In 2007, a funds merger programme transferred the funds of Alba Life Limited, Britannic Assurance plc, Britannic Retirement Solutions Limited, Britannic Unit Linked Assurance Limited, Century Life plc and Phoenix Life & Pensions Limited into Phoenix Life Limited.

In 2007, ResolutionLife acquired the Abbey for Intermediaries protection sales force. This team continues to provide intermediaries exclusively with the Scottish Provident branded protection products.

Pearl & Resolution ~ Companies Going Forward

From 2008, Pearl Group Ltd will deal with the administration of plans from these leading companies - Scottish Provident, Scottish Mutual, Phoenix, Royal Sun Alliance, Swiss Life, Britannic Assurance, London Life, NPI, Cornhill & Alba Life.

The Companies stated aim going forward is to deal with £87.5 billion of closed funds for over 8 million customers & search for new acquisitions. They have also set up a new investment group called Axial.

 Looking in 2008 to compare old Pearl Life Assurance or Resolution products against other Uk Insurers

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