Insurance

Our key experience includes advising:

Aviva on the sale of its Indian and Sri Lankan offshoring operations to WNS, the outsourcing of the administration and reinsurance by its UK life business, Aviva Life, of legacy life and pensions policies to Swiss Re

Aviva on a transaction with PartnerRe and RBS involving a transfer of longevity risk.

Flagstone Re on its acquisition of Marlborough Underwriting Agency, the managing agent for Lloyd’s Syndicate 1861 (a Lloyd’s syndicate underwriting a specialist portfolio of short tail insurance and reinsurance), from the Berkshire Hathaway Group.

JP Morgan Cazenove and UBS in relation to the 2 for 5 rights issue announced by international specialist property and casualty insurer and reinsurer Catlin Group Limited on 12 February 2009. The rights issue was fully underwritten by JP Morgan Cazenove and UBS.

Legal & General on its acquisition of Nationwide Life and Nationwide Unit Trust Managers from Nationwide Building Society and distribution agreements with Nationwide to sell its products via the internet and through its branch network and on its recommended cash offer for Suffolk Life.

Prudential on a group bulk annuity buy-in policy with the Trustee of the Cable & Wireless Superannuation Fund for a premium in excess of £1 billion, covering approximately 5,000 members of the pension scheme.

Resolution on the recommended acquisition of Friends Provident for cash and shares valuing Friends Provident at approximately £1,858 million.

Resolution on the merger of the long-term businesses of Phoenix Life, Alba Life, Britannic Assurance, Britannic Retirement Solutions, Britannic Unit Linked Assurance, Century Life and Phoenix Life & Pensions. This work followed on from the previous merger of the long-term businesses of Phoenix Assurance, Phoenix Life (then called Royal & SunAlliance Linked Insurances), Bradford Insurance Company and Swiss Life (UK).

RSA on a transaction with Goldman Sachs and Rothesay Life involving the insurance of pension liabilities of RSA’s two main defined benefit pension schemes.  The transaction involved the use of fully collateralised asset swap and longevity insurance contracts.

Standard Life in relation to its demutualisation and flotation on the London Stock Exchange and on the sales of Standard Life Bank and Standard Life Healthcare.

Standard Life Assurance on the reinsurance of £6.7 billion of UK immediate annuity liabilities to Canada Life International Re, in what is believed to have been the largest transaction of its kind in the UK.