INSURANCE buyout vehicle Resolution will buy Bupa Health Assurance for around £102m as Resolution continues to snap up assets in the sector and broaden its product range.
The acquisition of Bupa Health Assurance follows hot on the heels of Resolution's takeovers of AXA's UK life insurance arm earlier this year and last year's purchase of Friends Provident.
Bupa Health Assurance, part of one of Britain's best-known private healthcare companies, had 309 million pounds of assets at the end of 2009 and has ties with more than 20,000 independent financial advisers.
Resolution said that the acquisition would boost its earnings and added it could extract cost savings from the deal.
"This acquisition will strengthen our group risk business product range and improve the profitability of our Individual Protection business," said Trevor Matthews, the chief executive of Resolution's Friends Provident insurance arm.
City A.M. Reporter