Liverpool Victoria to buy Frizzell
Thursday 08 February 1996
Marsh McLennan, the US insurance broker and investment manager, is to sell Frizzell, the Bournemouth-based financial services company, to Liverpool Victoria Friendly Society for pounds 188m.
The deal, which is subject to approval by City financial regulators, is expected to be completed by the end of June.
Frizzell was set up as a family business in 1923, specialising in general insurance broking. In the past five years it has expanded into a number of areas, including banking and independent financial advice.
The company, which brokers household and motor cover for about 600,000 policyholders, also targets specialist affinity groups, especially white- collar trade unions.
In November 1992, the Frizzell family sold the entire group to Marsh McLennan for about pounds 107m.
AJC Smith, chairman of Marsh McLennan, which employs about 25,000 employees in about 80 countries, said yesterday: "We have been delighted with our investment in Frizzell, but we believe [the company] is now a better strategic fit with Liverpool Victoria, which can bring a critical mass to Frizzell's consumer operations."
Liverpool Victoria, founded in 1843, is the largest friendly society in the UK, with a 1,500-strong sales force and more than one million clients. It manages pounds 3.5bn of investors' funds.
The society, which specialises in traditional insurance, pensions and savings policies, has recently experimented with niche marketing in a number of new areas, including women.
Analysts had long expected an acquisition by Liverpool Victoria, which has a significant cash pile and has indicated that it is prepared to grow by takeover. But the takeover of Frizzell was seen as unexpected.
Roy Hurley, chief executive at Liverpool Victoria, based in London, said: "Frizzell and Liverpool Victoria are complementary businesses with similar customer values. As well as being a successful business in its own right, we anticipate a substantial 'marriage value' from the acquisition."
Exclusive: World’s most pristine waters are polluted by US Navy human waste
Missing Malaysia Airlines Flight MH370: Any terrorist seizure of the plane ‘would have required one hell of a piece of planning’
Croatia's second city to close 'worst zoo in the world' after reports of 'nightmare' conditions and 'depressed' animals
Missing Malaysia Airlines Flight MH370: Hijackers, pirates or suicide – the theories surrounding the mystery
Missing Malaysia Airlines Flight MH370 Q&A by Simon Calder: How far could it have travelled? Who was responsible and what would their plans be? And how can a plane just vanish?
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
Fracking is turning the US into a bigger oil producer than Saudi Arabia
- 1 Is your name now 'banned' in Saudi Arabia?
- 2 Exclusive: World’s most pristine waters are polluted by US Navy human waste
- 3 Gender-specific books demean all our children. So the Independent on Sunday will no longer review anything marketed to exclude either sex
- 4 Missing Malaysia Airlines Flight MH370: Jet ‘hijacking’ began soon after take-off
- 5 'Missing Malaysia Airlines Flight MH370 plane found in Bermuda Triangle!' Viral Facebook links are profiting hackers
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...