Clerical Medical who is part of the Halifax Bank of Scotland Group has been given a cash boost of £500m. The welcome injection of cash from HBOS goes towards boosting Clerical's financial strength, which is good news for policyholders and the insurer after poor stock market performance.
A spokesperson for the Halifax group said that the cash was injected to boost the amount of "free" assets Clerical had. This basically means the amount of assets they have in excess of their liabilities.
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