After ScotArn
STUDENTS of the Conservative party know that an ousting is normally a two-man job. You need a kingmaker and a king. Ousting the board of a life office seems to work that way too. At the Scottish Amica- ble, Abbey National kicked the door down, offering ScotAm's policy-holders a far bet- ter deal than their own board had put for- ward, and spreading cash on the table. Now the Prudential has walked in, offered more, and gained possession. After this instruc- tive episode, the dimmest policy-holder in the doziest life office will be disinclined to take the board and the business at their own valuation, or to sell out for a post- dated cheque attached to his terminal bonus. He can now see that the market has a plethora of life offices, each of them with its own board to support, and its own head office and fund managers and salesmen. Without so many open mouths to feed there would be more money to nourish the policy-holders. They should thank the king- makers of ScotAm.
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