Articles - Legal & General completes acquisition of Lucida


 Further to the announcement made on the 26th June 2013, Legal & General Group Plc is pleased to announce that the acquisition of the entire issued share capital of Lucida Limited (formerly Lucida Plc), by the Group’s subsidiary Legal & General Assurance Society has completed. The final consideration was £149.4m.

 Lucida Limited is a closed UK annuity buy-out company with a portfolio of £1.4bn of annuity assets and is currently responsible for 31,000 pensions in payment. No employees or property will be transferred as part of the acquisition.

 Kerrigan Procter, Managing Director of Annuities at Legal &General commented: "We are delighted to have completed the acquisition of Lucida so swiftly. 31,000 pensioners can feel that they are in safe hands with Legal & General. Our expertise in transitioning large asset portfolios will enable us to integrate the Lucida assets efficiently and ensure that those assets we retain as part of the deal are a natural fit for our annuity fund investment strategy."
  

Back to Index


Similar News to this Story

Can AI led conversational commerce change insurance forever
If you’re still following the minutiae of Brexit, if you know exactly what the Backstop entails, and if you understand how the UK’s proposed departu
The diversification trap and how to avoid it
Pension schemes often focus on maximising diversification within a scheme’s governance constraints. However, if this pursuit of diversification goes t
Signs of demand pressures in the bulk annuity market
Another record breaking year in bulk annuity market is on the cards, but what does this mean for schemes and sponsors eyeing future transactions as pa

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.