Further consolidation deals expected in UK insurance sector, with companies under pressure from low interest rates

Four investment banks and a specialist UK mergers and acquisitions boutique are due bumper paydays after Phoenix Group, a UK-based consolidator of closed insurance funds, announced it will acquire rival ReAssure Group from its owner Swiss Re.

Phoenix will pay £3.25bn in cash and shares for ReAssure, the companies announced on December 6, in a deal that will lift Phoenix’s total group assets by £84bn to £329bn, and make it the largest consolidator of closed life-insurance funds in Europe, it said.

Four banks and a boutique win roles on £3.2bn Swiss Re sale

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