Thu, 02 Jan 2020 | DIVISION SALE
Wealth management firm Quilter has completed the sale of Quilter Life Assurance (QLA) to ReAssure Group for £445 million.
The deal was first announced in August of 2019 for an agreed fee of £425 million, the additional £20 million in the final sale amount represents accrued interest payable under the sale agreement up to the completion date.
Quilter also confirmed that it has earmarked £375 million of the fee as net surplus that will be returned to its shareholders. The company did not provide details of what form this would take, but said it would make an announcement when it reveals its full-year results in March 2020.
Under Quilter, QLA was comprised of pensions, investment and savings and protections products, with both retail and institutional offerings.
On the sale, Quilter said it expected it would allow the company to increase its focus on delivering its growth strategy along with "the execution of its optimisation initiatives".
ReAssure said it expected the deal to generate over £500 million of surplus, including around £200 million in synergies.
ReAssure, the UK business of Swiss Re, is currently under acquisition by Phoenix Group in a deal worth £3.2 billion in cash and shares. This proposed deal comes after Swiss Re withdrew plans in summer 2019 to float ReAssure on the London Stock Exchange amid weak economic conditions.
Benefits from high staff retention rates and a wealth of experience within the sector. Member of the Association of Professional Staffing Companies (APSCo) as a result of its excellent offering. Ideally positioned to pursue further growth, which coul...
LEASEHOLD
This practice, which has been established over 80 years, is available for sale due to the impending retirement of the partners. One of the partners will be available to assist in the transition period to ensure a smooth handover of clients. Offers in...
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This practice, which was established over 50 years ago, is available for sale. Consultancy: The partners will be available to assist in the transition period to ensure a smooth handover of clients. Offers invited.
LEASEHOLD
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