Resolution Ltd. , the buyout firm founded by Clive Cowdery , posted a first-half profit after buying Friends Provident Plc.
Friends Provident Plc, the 177-year- old U.K. insurer, plans to cut bonus payments to some policyholders after the value of investments declined last year.
Friends Provident Group Plc may move its London base to One New Change, a recently opened development in the City of London, according to the Sunday Telegraph.
Resolution Ltd. , the insurance buyout firm founded by Clive Cowdery , said third-quarter revenue rose 23 percent as sales at its European wealth-management division more than doubled.
Axa SA , Europe’s second-biggest insurer, agreed to sell most of its British life unit to Clive Cowdery ’s Resolution Ltd. for 2.75 billion pounds ($4.1 billion) as the company switches its focus to Asia.