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.
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