Insurance

Our key experience includes advising:

Aviva, Friends Provident and Prudential on issues of subordinated debt including certain terms and conditions drafted to meet currently ascertainable Solvency II features.

Aegon on the sale of Guardian Financial Services to Cinven, a European private equity group.

Aviva in connection with the termination of its long-standing bancassurance joint ventures with RBS and entry into a new distribution arrangement with the same party and on the sale of RAC to alternative asset management firm The Carlyle Group.

Phoenix Group on the Part VII transfer of the entire insurance business of Phoenix & London Assurance to Phoenix Life, which follows on from our work in earlier years relating to the consolidation of funds into Phoenix 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.

RenaissanceRe Holdings, a global provider of reinsurance and insurance, on the acquisition of Spectrum Partners, whose principal operating subsidiary is Lloyd's managing agent Spectrum Syndicate Management.

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

Resolution on its fully underwritten rights issue to raise funds in connection with its acquisition of the AXA UK Life Business.

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.