FSA Investigates £5 billion sale of Insurer Resolution

Losses and Lawsuits

LONDON - The UK Financial Services Authority (FSA) is investigating insurance magnate Clive Cowdery and fellow directors over the £5 billion sale of insurance group Resolution.

The FSA says it is investigating "certain actions" carried out between October 2007 and May 2008 by entrepreneur and Resolution founder Cowdery, and Mike Biggs, the firm's chairman, Ian Maidens, its mergers and acquisitions chief, and Jim Newman, its chief financial officer.

Cowdery has made his name in the insurance industry by buying low-valued life assurers damaged by the declining equity and bond markets. He sold Resolution to rival Hugh Osmond's Pearl group for almost £5 billion in May last year, after a lengthy bidding battle. Cowdery also sold about £125 million in Resolution shares (a 3% stake) in December 2007.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: