Cinven's Guardian acquires annuity book

Guardian has agreed to buy 300,000 in-payment pension annuities from Phoenix for an undisclosed sum. As part of the deal Phoenix will transfer approximately £5bn of assets to Guardian to meet future payments from policyholders.

The deal is the latest stage in Cinven's consolidation strategy for Guardian Financial Services, which is looking to buy up closed UK life businesses.

Company
Guardian Financial Services is a life assurance group providing life assurance, pensions and annuities. It is based in Lancashire and was founded almost 200 years ago.

Following completion of the latest transaction it will manage £13bn of assets for 600,000 customers.

People
Caspar Berendsen, partner, represented Cinven. Jonathan Yates is chief executive of Guardian Financial Services.

Advisers
Company – RBC Capital Markets (Financial due diligence).

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• Topics
• Expansion
• UK / Ireland
• Financials
• Cinven