The recently rebranded Tomorrow could be yesterday’s news if LV= exercises its option to acquire the business from Swiss Re later this year.
Tomorrow is the new name for GE Life, which was acquired by Swiss Re last October for £465m. But it was ann-ounced last week that LV= has an option to buy the business from this December. If it exercises the option, the Tomorrow brand would be scrapped and its products distributed under the LV= brand.
Under an associated agreement, Tomorrow’s range of products will be co-branded with LV=’s from this July.
A spokesman for Swiss Re says it will continue to own all of Tomorrow’s closed book policies while open book policies could be transferred to LV=.
He adds: “The closed book policies were the largest part of the acquisition but we wanted to sell on the open book of life policies.”
Mike Rogers, group chief executive of LV=, says: “The proposed acquisition is in line with our strategy of expanding into the retirement market.”