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June 24, 2005 at 08:00 PM
Prudential P.L.C. has agreed to acquire 52,500 pension annuity contracts from Phoenix Life & Pensions Ltd. through a reinsurance arrangement[@@]
Prudential, London, says the block comes with about the equivalent of about $2.7 billion in assets and an annual premium revenue stream of about $263 million.
About 65% of the holders of the annuities in the block are men, and the average age of the annuity holders is 72.7, Prudential says.
The British Prudential has no connection with Prudential Financial Inc., Newark, N.J.
The seller of the annuity block , Phoenix Life, is a unit of Resolution Life Group Ltd., London. Resolution acquired Phoenix Life from Royal & Sun Alliance Insurance Group P.L.C., Liverpool, in September 2004.
Although Prudential P.L.C. will start out reinsuring the Phoenix Life annuities, it intends to take over direct responsibility for making the annuity payments, Prudential says.
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