Prudential and C&W in US$1.8 billion pensions deal
Prudential PLC, Britain's largest insurance company, announced Wednesday that it will be taking 1 billion pounds (US$1.8 billion) of pension assets from Britain's second biggest phone company, Cable & Wireless PLC.
By Agencies |
LONDON: Prudential PLC, Britain's largest insurance company, announced Wednesday that it will be taking 1 billion pounds (US$1.8 billion) of pension assets from Britain's second biggest phone company, Cable & Wireless PLC.
The deal will transfer Cable & Wireless' pension obligations for around 5,000 people to Prudential _ simultaneously reducing the phone company's liabilities, and generating approximately 100 million pounds (US$180 million) in premium income for the insurer.
``This agreement is the largest of its kind in the UK this year,'' said Nick Prettejohn, chief executive of Prudential UK & Europe.
The deal will transfer Cable & Wireless' pension obligations for around 5,000 people to Prudential _ simultaneously reducing the phone company's liabilities, and generating approximately 100 million pounds (US$180 million) in premium income for the insurer.
``This agreement is the largest of its kind in the UK this year,'' said Nick Prettejohn, chief executive of Prudential UK & Europe.
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