Clive Cowdery is expected finally to strike to take over Friends Provident in a deal that values the UK life insurer at £1.87bn, two years after the insurance entrepreneur tried to merge his first ­Resolution vehicle with the company.

Resolution Limited, Mr Cowdery’s second consolidation vehicle, which was listed in London late last year, is expected to announce on Tuesday a firm offer to acquire Friends, according to one person close to the talks.