Norwich Union Reattribution

Norwich Union Reattribution

Norwich Union policyholders will have secured a good deal if the company’s decision to hand over £1bn is accepted by high court judges, according to Claire Spottiswoode.  The life and pensions provider sought the reattribution of its inherited estate in order to save future build ups of profits from the company’s inherited estate, although policyholders have the right to refuse the payouts – which will average £1000 a person and claim a share of future distributions of the inherited estate.

Spottiswoode has welcomed the “substantial” offer, claiming it benefits both policyholders and shareholders.  This deal represents a very good opportunity for the policyholder and the company to release value from the estate without undermining the strength of the funds.

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