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US-based KKR to bid for UK life insurer

US-based Kohlberg Kravis Roberts is planning to make an offer for the UK life insurance firm soon to be spun out of Australian insurer AMP.

KKR is to join forces with Apax partners and Warburg Pincus, in a deal thought to be worth in the region of £1bn, according to the Daily Telegraph.

AMP, Australia's biggest life insurer, owns a number of UK firms including Pearl Assurance, NPI, London Life, Henderson Global Investors and Towry Law. AMP announced its intention to spin-off these business as a separate company to be known as Henderson. The new group will have two million policyholders in the UK.

KKR, Apax and Warburg Pincus have set up an investment vehicle to be known as Resolution Partners.

KKR has become increasingly active in Europe over the last twelve months, following its record-breaking acquisition of French plug and switch maker Legrand last summer.

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