Private equity firm Cinven completed the acquisition of Guardian Financial Services, a Lytham St Annes, UK-based closed book of life and pensions business.
Cinven, which bought Guardian from AEGON in August 2011 for an enterprise value of £275m, will help the company to grow and develop. For Cinven, the investment also provides a consolidation platform in the European closed life assurance market, which is currently driven by factors including the fragmented nature of the market; commercial pressures on smaller operators; banking institutions looking to exit insurance assets and overseas insurers seeking to recycle capital.
Established in 1821. Guardian is today the collective trading name for Guardian Assurance Ltd, Guardian Linked Life Assurance Ltd and Guardian Pensions Management Ltd.
FinSMEs
24/11/2011