Legal & General Assurance Society has acquired closed UK annuity buy-out company Lucida from LCM Holdings in a deal worth £151m.
The deal, which is subject to Financial Conduct Authority and Prudential Regulation Authority approval, is expected to complete in the third quarter, L&G said. Lucida was founded in 2006 to focus on the bulk purchase annuity market. It implemented bulk annuity arrangements with the Merchant Navy Officers Pension Fund, among others, before closing to new business in November last year. L&G said the acquisition forms part of its strategy of accelerating its organic growth via bolt-on acquisitions. Its purchase will be funded from surplus capital held within the group. L&G managing di...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
