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Phoenix Group


The Phoenix Group (formerly Pearl Group, ) is one of the largest providers of insurance services in the United Kingdom. It is listed on the London Stock Exchange and was formerly traded on Euronext Amsterdam.

Contents

  • History 1
  • Operations 2
    • Life assurance 2.1
    • Asset management 2.2
  • References 3
  • External links 4

History

The Company was founded in 1857 as The Pearl Loan Company and operated from the Royal Oak Public House opposite the Whitechapel Bell Foundry.[1] It changed its name to The Pearl Assurance Company in 1914.[1] In 1990 it was acquired by the Australian insurance group, AMP, and then in 2003 Pearl, NPI and London Life were demerged from AMP to become part of Henderson Group.[2]

In 2005 the business was bought from Henderson Group by Sun Capital Partners (a business in which Hugh Osmond is a leading partner)[3] and TDR Capital.[2] Then, in 2008, Pearl acquired Resolution plc (including its Phoenix Assurance business).[4]

In June 2009, the business was acquired by the Liberty Acquisition Holdings (International) Company (a vehicle controlled by billionaire Nicolas Berggruen) which subsequently changed its name to Pearl Group.[5]

On 15 March 2010, Pearl Group changed its name to Phoenix Group Holdings.[6]

Operations

The Phoenix group is split into two sections Life assurance and Asset management.[7]

Life assurance

Phoenix Life comprises four regulated life companies:

  • Phoenix Life Limited; Phoenix Life Assurance Ltd. (prior to 28 September 2012, known as Pearl Assurance Limited)
    • Phoenix Ireland - Phoenix Life Limited (Irish branch)
  • NPI - National Provident Life Limited
  • Scottish Mutual International Limited (Republic of Ireland)

Asset management

References

  1. ^ a b Pearl Group: History
  2. ^ a b AMP wins as UK spinoff sells life funds for $2.6bn Sydney Morning Herald, 11 December 2004
  3. ^ Rising of Sun is new dawn for Osmond Daily Telegraph, 27 January 2002
  4. ^ Resolution board says yes to £5bn Pearl bid Guardian, 17 November 2007
  5. ^ Bondholders holding £500m IOUs warn Pearl Flotation Dail Mail, 3 July 2009
  6. ^ Phoenix Group Holdings Group transition Phoenix Group Holdings Audited Results for the year ended 31 December 2009
  7. ^

External links

  • Official site
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