£1.86bn move for Friends Provident

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Friends - which traces its history back to 1832 - agreed a deal after Resolution's fourth approach since early July.

The all-share deal values Friends at 79.4p a share but there will be a cash alternative for the first 2,500 shares held by investors - benefiting around 700,000 smaller shareholders in the business.

Friends has around 2.5 million customers in its UK life and pensions business and is a member of the FTSE 100 Index following its demutualisation in 2001.

Resolution is an investment firm set up by insurance tycoon Clive Cowdery to buy up under-performing financial services firms. Former Financial Services Authority boss John Tiner is chief executive.

The company intends to follow up the Friends deal with further acquisitions among insurance and asset management firms.

The insurer had previously rebuffed its suitor on price grounds as well as concerns over corporate governance at the Guernsey-based firm.

Friends said parts of Resolution's structure and governance were "totally inappropriate in a public company context" and against current best practice.

But talks were reopened two weeks ago, reportedly after pressure from major Friends shareholders keen to see a deal.

Investors greeted news of the deal with a 4% rise in Friends' shares.