HHG has managed to extract an extra £45m ($84m) out of entreprenuer Hugh Osmond for its four closed life assurance businesses following its announcement last week that a second bidder, Resolution Life, was interested in the units.

The life assurance and asset management group said on Thursday that Mr Osmond’s Life Company Investor Group, a vehicle set up by the food and beverage investor to buy closed life books, had raised its cash offer from £1.025bn to £1.07bn and that talks with Resolution had been terminated.