Friends Provident shares opened higher today after it was reported insurance entrepreneur Clive Cowdery had the life assurer in his sights.

A division of Barclays which pays pensions to more than 70,000 policyholders a month is to be sold in a deal worth £753m (€950m), it was announced today.

A division of Barclays which pays pensions to more than 70,000 policyholders a month was today said to be the subject of takeover interest.

Bradford & Bingley today said it rejected plans put forward by investment group Resolution to pump £400m (€505m) into the embattled UK mortgage lender.

Standard Life’s £4.9bn (€7bn) bid to land insurer Resolution was dealt a major blow today after the firm’s largest shareholder stepped in with a higher offer on a dramatic day in the City.

UK insurer Resolution today tore up its plans for a merger with Friends Provident after agreeing a £4.9bn (€6.9bn) offer from rival Standard Life.

British insurance group Standard Life confirmed today it is looking at gatecrashing the £8bn (€11.4bn) merger of Resolution and Friends Provident.

Friends Provident wrote a new chapter in its 175-year history today after unveiling an £8.6bn (€12.8bn) merger deal to create a “significant” new force in the British insurance industry.

Resolution Life is planning the biggest rights issue in the City for four years to finance the £3.5bn (€5.1bn) purchase of Abbey National’s life insurance business, it was reported today.

Financial services company Britannic unveiled a £1.8bn (€2.7bn) merger today in a move set to create a leading manager of closed life insurance funds.

Royal & Sun Alliance is to raise £850m (€1.3bn) from the sale of the UK life insurance operation it closed to new business two years ago, it emerged today.