Equitable Life Assurance Society is to be acquired by a British consolidator of funds, a deal that brings an end to the checkered history of the U.K.’s oldest customer-owned life insurer.
Life Company Consolidation Group’s Reliance Life unit will acquire Equitable’s remaining business, according to a statement Friday on both firms’ websites. The deal values the company at 1.8 billion pounds ($2.4 billion), with most of its almost 400,000 policyholders sharing some of the proceeds, the Financial Times reported.
