Deal dependent on acquisition of Resolution by Standard Life
Swiss Re has confirmed it is in discussions with Standard Life in relation to the possibility of entering into an agreement to purchase certain closed-books of Resolution life business should Standard Life make an offer to acquire Resolution.
These discussions are consistent with Swiss Re's strategy to seek attractive opportunities to expand its Admin Re business.
No binding commitments have yet been entered into regarding the terms of such a transaction.
Resolution had previously welcomed the statement from the Takeover Panel Executive ruling that the deadline for each of the consortia led by Pearl Assurance and Standard Life, including Swiss Re, to announce a firm intention to make an offer for Resolution or not is 1700 on 25 October 2007.
Each of Pearl and Standard Life has had due diligence access since shortly after Resolution announced a recommended merger with Friends Provident to create Friends Financial Group on 25 July 2007.
Clive Cowdery, chairman designate of Friends Financial, said: ”There is clear and substantial value in Friends Financial and our focus is entirely on completing the merger. We will not be distracted from this unless a very compelling offer is made for Resolution.”