Resolution Life, owners of Scottish Provident International Life Assurance (SPILA), has confirmed press speculation that a competitor may acquire it. The company acquired SPILA from the Abbey Group in the summer of 2005, along with its other life assurance companies.
A statement from Resolution says: 'Resolution confirms it is currently in very early discussions with various parties concerning a wide range of possible transactions, including acquisitions, business combinations, or a possible offer for the company.'
Resolution plc is the largest specialist manager of UK closed life funds with approximately 6 million policies and combined life company assets of £35bn. So it was an unusual step for Resolution to buy an active life company.
Standard Life is believed to be one of the potential buyers.