UK insurance - FSA grants waiver in Phoenix Lehman exposure test

Closed life fund Phoenix Life needed a waiver from the UK Financial Services Authority, allowing £200 million of subordinated bonds to be reclassified as tier II capital, to meet a stress test of its exposure to the reinsurance arm of now-defunct investment bank Lehman Brothers.

The fund was formerly a subsidiary of Resolution, which was acquired by fellow closed fund specialist the Pearl Group in a £5 billion leveraged takeover deal concluded in May 2008. A report by an independent expert into

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