European buyout firm Cinven has announced the completion of its acquisition of Guardian Financial Services, a provider of insured life and pensions business.
The deal to purchase Guardian from AEGON was originally agreed in August 2011 for a value of £275m and will provide consolidation for Cinven in the European closed life assurance market where many small operators are facing commercial pressures and banking institutions are looking to exit insurance assets.
In addition, the transaction will create benefits for shareholders and policy holders through greater efficiencies and de-risking funds and follows the recent US$300m equity investment in Avolon, an international aircraft leasing group, from the government of Singapore Investment Corporation.
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