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

What does Europes record wildfire season signal to insurers
Within a single week in July, France recorded its most devastating wildfire outbreak in at least half a century; Spain recorded the largest wildfire
Getting the balance right on SSAS transfers
Pension scams remain a significant concern for regulators, trustees and pension providers. As the Department for Work and Pensions (DWP) considers fur
Increasing resilience across an interlinked financial system
As firms increasingly rely on common third party service providers, delivering operational resilience is no longer just about your own individual orga

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.