Mr Evans, group chief executive of MGM Advantage, said the acquisition would provide the life and pensions company with “a strong platform” to take advantage of the market changes brought about by the Budget.
He said: “We see huge potential in the market as customers seek innovative solutions to long-term retirement planning, and Stonehaven is a key part of our strategy to make the most of the changes.”
The deal, which will see Stonehaven’s UK equity release and lifetime mortgage business brought into MGM Advantage, was announced in January 2014.
A spokesman for MGM Advantage said the company could not disclose the terms of the deal, nor how much.
Adviser view
Janet Davies, joint managing director of Symponia, a national membership organisation for advisers specialising in the elderly care market, said: “This acquisition I am sure will benefit both companies and ultimately the consumer. The pension shake-up means there are big changes ahead for annuity market. This, together with the subtle shift in homeowner perception about equity release and the powerful currency properties hold, will present greater scope for synergistic and/or linked products.”
