Royal London To Buy United Assurance

Life and pensions insurer Royal London announced that it has reached agreement with door-to-door mutual insurer United Assurance Group (UAG) to take over the company for £1.5 billion ($2.4 billion).

This new consolidation agreement comes on the heels of Monday’s announcement that CGU was to merge with Norwich Union. Company spokesmen indicated that the combining of the two companies would give them the economies of scale to operate more effectively.