Osmond quits Phoenix after eight years
(City A.M. (UK) Via Acquire Media NewsEdge) HUGH Osmond yesterday quit the board of the closed book life insurer he founded eight years ago, signalling an end to a lengthy - and not always easy - association with the industry.
Osmond, the co-founder of Pizza Express, began building up Pearl in 2005, making a series of costly acquisitions. After struggling with a large debt pile it currently exists as FTSE 250 firm Phoenix Group and is in talks about a potential £3bn merger with a division of Swiss Re.
Phoenix chief executive Clive Bannister told City A.M. that Osmond's decision was "immensely natural" following a successful fundraising in January.
So-called "zombie funds" such as Phoenix buy up insurance firms that are closed to new customers and attempt to combine them into a more profitable whole.
(c) 2013 City A.M.
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