Quilter Finalizes £445M Sale Of Assurance Business

Law360, London (January 2, 2020, 2:19 PM GMT) -- Financial advice giant Quilter PLC announced the sale of its historic life assurance business to ReAssure for £445 million ($587 million) on Thursday to allow it to focus on its core business.

The deal marks the close of a transaction announced in August 2019 and will bring in 200,000 new customer policies and assets of £12 billion for ReAssure, a British company that owns large books of so-called legacy life insurance contracts.

“I am delighted to welcome our new customers and colleagues to ReAssure,” Mark Hodges, chief executive of ReAssure, said. “This transaction is further evidence of our value-creating acquisition track record.”...

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