Bank group Abbey has sold its insurance companies to Resolution. This includes leading income protection and critical illness insurer, Scottish Provident.
Resolution intends to provide further investment in e-commerce products and service, while promising the branding of the Scottish Provident range will remain unchanged.
Completion of the deal is expected to take place in September and is conditional upon approval from the Financial Services Authority and relevant overseas regulators, as well as the approval of Resolution’s shareholders. Resolution is a UK company formed in 2005 to acquire insurance companies and books of business from insurers.