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
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