Resolution Group swoops again

Acquisition-hungry UK insurer
Resolution Group has snapped up health insurer Bupa’s UK protection
and risk business, Bupa Health Assurance (BHA), for £165.15m
($265m).

This follows on the heels of
Resolution’s acquisition of Axa UK life and pensions operations in
June for £2.75bn.

In a statement, Bupa said the
decision to sell BHA would enable it to focus on its health care
businesses, including its health insurance products and services in
the UK.

Bupa added that the sale
price represented 79% of the forecast embedded value of
BHA.

As a spin-off from the deal,
Bupa and Resolution’s life insurance subsidiary Friends Provident
are to explore marketing each other’s products through their
respective distribution channels.

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