Guardian Financial Services sold for £1.6bn

One of Lancashire's biggest earning companies, Guardian Financial Services, has been sold for £1.6bn to reinsurance group, Swiss Re.

The company has more than 6,000 employees and annual revenue of around £3.5bn. It has £20bn of assets under management and manages 900,000 policies.

Ian Owen, executive chairman of Guardian, said: "Guardian's impressive performance is testament to the hard work of its management team and staff and the support and vision of our shareholder, Cinven. Throughout Cinven's ownership, I have been impressed with the team's understanding of the financial services market, especially given the complex regulatory environment, and their ability to identify and execute highly value-accretive acquisitions." Closing of the acquisition, which is subject to regulatory approval, could be completed in early 2016 and would be financed from cash on the balance sheet as well as debt financing.