Phoenix completes £3.3bn purchase of rival ReAssure
Phoenix Group has completed the acquisition of rival life insurer ReAssure Group first announced last December.
In its 2019 year-end results, Phoenix said the £3.3bn deal would be completed by September at the latest subject to regulatory conditions.
Phoenix Group chief executive Andy Briggs announced the completion of the deal this morning (23 July).
"I am delighted to confirm the completion of the acquisition of ReAssure and would like to extend a warm welcome to our new colleagues joining Phoenix," he said.
"The transaction marks another significant milestone on Phoenix's growth journey further strengthening the group's key attributes of cash, resilience and growth and establishing the group as the UK's largest long-term savings and retirement business."
ReAssure posted a 57% jump in overall operating profits between December 2018 and December 2019, reaching £406m in its latest results from March.
A strong 12 months for the previously Swiss Re-owned life insurer saw it complete the acquisition of Quilter's heritage life and pensions business after it was sold off from its parent company for £425m last August.
The merger of the insurers is set to deliver £7bn of incremental cash generation and, alongside supporting the dividend, provide Phoenix with an enhanced platform to pursue further growth opportunities.
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