Specialist over-50s insurer SunLife has completed its sale from AXA to become part of the Phoenix Group.
SunLife’s managing director Dean Lamble (pictured) and his management team will continue to lead the business.
The company will operate as an independent distribution business reporting into Phoenix Life which is led by Andy Moss, Phoenix Life CEO.
Phoenix Group is the UKs largest closed book consolidator and now has 5.4 million customers and manages £64 billion of assets.
Moss said: “We are pleased to have acquired the SunLife business. SunLife is a market leader in its field with a talented management team and clear focus for future growth. I look forward to working with Dean and his team.”
“We are delighted to be joining the Phoenix Group – and looking forward to continuing our strategy to be the destination for people over the age of 50 to engage in life cover, insurance and savings,” said Lamble.
He added: “The over-50 market is a fast-growing, attractive market segment that is currently underserved. SunLife’s deep understanding of this market coupled with its expertise in direct marketing make it well placed to be the brand of choice for customers over 50.”