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Britannic in £2bn merger
Jun 9 2005 By Jon Griffin, Evening Mail
BRITANNIC, the Midlands' biggest insurance firm dating back to 1866, is to merge in a £2 billion plus deal, it was revealed today.
The Wythall-based company, which employs around 700 staff, is merging with its private rival Resolution Life. The deal will create the largest closed life business in the UK, handling around six million pension and endowment policies.
Cost savings from the merger have been estimated at around £20 million a year although the immediate impact on jobs is not known.
The deal will see Britannic renamed Resolution PLC, sounding the death knell for a Midland industrial name which began in 1866 as a Birmingham insurer collecting door to door for penny a week life policies.
The Wythall firm has undergone turbulent times in recent years, issuing a profits warning in 2003, shedding jobs, suspending bonuses and selling its mortgage arm.
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