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Daily Insurance Industry News
Sunday 26th of May 2019
September 24, 2009

Pearl appoints new chairman

by Gill Montia

Story link: Pearl appoints new chairman

Pearl Group has appointed Ron Sandler as its new chairman.

The post is part time and Mr Sandler will continue as chairman of Northern Rock, his role with the state-owned bank having commenced only last year.

Previously he has served as chief operating officer at NatWest and chief executive of Lloyd’s of London, where he is credited with having averted a collapse of the market.

Pearl’s £5 billion acquisition of Resolution last year left the company burdened with debt.

However, the closed life funds consolidator is expected to undertake an initial public offering on the London Stock Exchange this year, having secured a £500 million injection of capital from Liberty Acquisition Holdings, in exchange for a 60% stake in the group.

Chief executive, Jonathan Moss, says Pearl now has “a strong capital base and robust cash generative operating model combined with well known market brands”.

 

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