Specialist insurer of the year - Legal & General
As the number of companies looking to take a share of the UK's bulk purchase annuity sector multiplied, the days of Prudential and Legal & General's cosy duopoly looked numbered - but while the Pru has seen its business suffer, its rival has managed to increase its market share
The early months of 2006 saw a flood of new entrants to the UK's bulk purchase annuity (BPA) market, with familiar names such as Norwich Union and AIG joined by more obscure monikers such as Synesis Life and Pensions Insurance Corporation. In total by the end of the year there were as many as 16 different organisations fighting for business in a market that had historically been a two-way bet between Prudential and Legal & General.
But while the BPA arms of established insurers picked up a share
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