Clive Bannister is bowing out of Phoenix Group, the closed life assurance and pension fund consolidator, with one last hurrah. The FTSE 100 company has unveiled a £3.2 billion deal to buy its rival consolidator Reassure from the reinsurance company Swiss Re and the Japanese MS&AD Insurance Group. The pair will divide a £1.2 billion cash payment and own a combined 28 per cent stake in the enlarged Phoenix. The deal will create Europe’s largest life and pensions consolidator with £329 billion of assets under administration and 14.1 million policies. “This is a highly attractive acquisition for Phoenix that follows our growth strategy and delivers value to our shareholders,” said Mr Bannister, who announced in November that he would retire as chief executive…

Source: The Times December 06, 2019 09:00 UTC