JC Flowers/Friends: Friends – no mates

Will Friends Provident lose another suitor? The UK insurer has been courted by the private equity firm JC Flowers on and off for months. But that isn’t doing much for its shares. It looks like investors see much hope in tie-up between Friends, which was dumped at the altar by Resolution last year, and a private equity house which has just added US lender Sallie Mae and UK bank Northern Rock to its roster of failed deals. Friends has plenty of value going begging. In theory, insurers should trad...