Royal London, a provider of mutual life and pensions services, has acquired some of the Resolution businesses and assets from Pearl.
Mike Yardley, CEO of Royal London, said: At an operational level, nothing is changing at the present time. Advisers and policyholders will continue to deal with their usual contacts in the businesses that are transferring, notably Scottish Provident International and the protection business of Scottish Provident. Similarly, it is ‘business as usual’ for Bright Grey and Scottish Life International, within Royal London Group.
The company said that over the next few weeks it will be working closely with Pearl to separate the parts of Resolution that will be transferring to Royal London from those that will remain with Pearl. Efforts are being made to ensure that the transition is smooth.
The main businesses and assets being acquired by Royal London are: the protection businesses of Scottish Provident and Scottish Mutual Assurance, including the policies in force; Phoenix Life Assurance, formerly Abbey National Life, the products of which are distributed through Abbey’s national branch network; Scottish Provident International Life Assurance, which is based in the Isle of Man.
The new business operations of these companies and the investment management of the underlying funds are also being acquired as part of the deal with Pearl.