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Resolution Group looking for £2.8 billion

Clive Cowdery's insurance vehicle, Resolution Group, is said to be looking to tap investors for £2.8 billion to fund the acquisition of Axa's UK life and pensions operation. The company has confirmed that talks have begun with Axa although for many in the city this feels like déjà vu with regards to the Prudential offer for AIG's Asian operations!

However, Clive Cowdery is a very different type of business person to those at the top of the Prudential directors list, having acquired Friends Provident for £1.9 billion last year. The company is looking to expand aggressively in the UK and overseas and many expect to see further acquisitions over the next couple of years. It is believed that Clive Cowdery is looking to grow the business to around £10 billion within a couple of years with the proposed Axa acquisition taking the perceived value of the group to just over £5 billion.

There is no doubt that the Resolution Group has been proactive behind the scenes with regards to potential acquisitions although some have fallen by the wayside and others have been successful. Either way it seems as though investors are willing to back Clive Cowdery in his pursuit of building a multibillion pound group in a very short space of time.

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