Phoenix Group looks to acquire ReAssure

The deal would see the newly minted FTSE 100 constituent reach total assets under administration of £329bn and confirm it as Europe's largest pensions consolidator. The agreement as it stands would bring £84bn in assets under administration and some 4.1 million ReAssure policies under the Phoenix umbrella for its heritage business. Phoenix will also take over the operation of ReAssure's contract-based workplace pension provision, but would not immediately merge this, or the independent governance committee, with its own contract-based scheme. The insurer said this "would be reviewed a...