SANLAM BUYS ALLIANZ’S UK LIFE BUSINESS

South African assurer Sanlam has bought regional UK life office Merchant Investors from the UK arm of Germany’s Allianz for a sum reported to be less than £50m. Bristol-based Merchant Investors sells high-net worth policies through independent financial advisers. It has gross annual premium income of more than £100m. Sanlam is keen to use its low-cost South African base to become a large third-party administrator of UK life policies, many of which are in closed funds that will be run off over the next 20 to 30 years.