Old Mutual To Exit Finnish Market With Sale Of Unit

Law360, New York (December 21, 2011, 8:23 PM EST) -- International insurance provider Old Mutual PLC announced Wednesday it will sell the Finnish branch of its Skandia Life Assurance Co. Ltd. to Finnish financial services company OP-Pohjola OSK for an undisclosed sum.

The acquisition will involve the transfer to OP-Pohjola of some 100,000 customers' unit-linked life and pension policies, with with total assets of around €1.3 billion ($1.7 billion) as of Sept. 30, OP-Pohjola said.

The company said the acquisition will require no action on Skandia Life customers' part. Following the acquisition, Skandia Life customers will...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.