Prudential Unit’s Deal To Sell £11.2B Annuity Portfolio Nixed

Law360, London (August 16, 2019, 3:11 PM BST) -- A judge refused on Friday to approve a £11.2 billion ($13.6 billion) deal to transfer more than 365,000 Prudential annuity policies to an insurance company started in 2007, saying it was “entirely reasonable” that policyholders would prefer the longer-established company.

Judge Richard Snowden acknowledged in his written ruling at the High Court that an independent expert found that the transfer would not cause significant disadvantage to the security of benefits promised to policyholders. That opinion is “entitled to considerable weight,” Judge Snowden said.

But he said that other factors weighed heavily against him approving the plan, in which Rothesay Life PLC...

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