Insurance and investment group, LV=, has announced that it has exercised its option agreement to acquire the new business operations of specialist flexible retirement business 'Tomorrow', from Swiss Re.
The option agreement between LV= and Swiss Re was originally announced on May 30, 2007. In addition, since July 1, 2007 a distribution agreement has been in operation between LV= and Tomorrow, whereby all products actively marketed by Tomorrow are co-branded with the LV= brand.
LV= plans to complete the acquisition by December 31, 2007 with the intention of re-launching the business under the LV= brand in January 2008. Once completion has been achieved, further information will be communicated to independent financial advisers and other stakeholders on the resulting changes to the LV= business and plans for the future.