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U.K.'s Equitable Life Sold to LCCG for Reported $2.4 Billion

  • Deal ends troubled history of life insurer founded in 1762
  • Equitable almost collapsed in 2000 on policy guarantees

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.