Resolution purchases Bupas life, income and critical illness insurance business
Mon, 18 Oct 2010
Resolution, the Guernsey-based company that wants to create a British "super-insurer" has purchased Bupa's income protection, life assurance and critical illness cover business for £165m.

The companies are also looking at ways in which they can sell each other's offerings. Bupa stated that the decision to sell the operation, which trades as Bupa Healthcare, was part of a commitment to refocus strategically on healthcare products and services. As a provident association, Bupa is owned by its policyholders.

The deal is on a smaller scale than others that Resolution has entered into. It took over Friends Provident for £1.9bn last year and followed with its acquisition of the lion's share of Axa's UK life assurance and savings arm for up to £2.75bn. However, the company says it is still looking for other deals to achieve its UK life insurance ambitions.

Resolution was founded by Clive Cowdery, the entrepreneur who is a specialist in the field, although recently he has kept a low profile with John Tiner, a former head of the Financial Services Authority (FSA), serving as the company's front man.
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