Commercial contracts work is at the heart of our practice and is core to everything we do. Our experience in providing general commercial advice is second to none. We advise our clients on a broad range of commercial agreements, including distribution and outsourcing arrangements.
Our work on distribution arrangements for insurers includes advising on bancassurance transactions, multi-tie distribution agreements and exclusive agreements, in the context of both M&A transactions and on stand-alone deals. We have also advised a number of clients on the potential restructuring of arrangements to satisfy the rule changes brought in by the Retail Distribution Review.
Our outsourcing work involves the expertise of our strategic sourcing practice, which has extensive experience in advising on different strategic sourcing structures including co-sourcing, multi-sourcing, offshoring and insourcing and that regularly advises on both new sourcing arrangements and on the re-evaluation and renegotiation of current outsourcing arrangements.
In combination with the regulatory knowledge of our insurance practitioners, we are able to offer clients an exceptional service in advising on sourcing arrangements in the insurance sector.
Our key experience includes advising:
Abbey on arrangements entered into with Resolution in connection with the sale to Resolution of its life insurance businesses for (i) the sale by Abbey of life insurance products through its distribution network on behalf of Resolution; and (ii) the provision by Resolution to Abbey of Abbey and Scottish Provident branded life and pensions products for distribution via Abbey branches and broker consultants.
Allianz SE on 10-year bancassurance distribution agreements with HSBC for life insurance in Asia and life insurance and pensions products in Turkey.
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 for the sale of Aviva’s protection and pensions products.
Aviva on a Master Services Agreement for the provision by WNS of BPO services to Aviva’s business units located in the UK, Canada and Ireland and on the outsourcing by its UK life business, Aviva Life, of the administration of almost three million of its life and pension policies to Swiss Re.
AXA Investment Managers on the outsourcing of its middle and back office functions to State Street.
Cox Insurance on its ten-year outsourcing agreement for the management of IT services by CGI and on its BPO offshoring arrangements with WNS Global Services.
Legal & General on distribution agreements with Nationwide to sell its products via the internet and through its branch network as part of Legal & General’s acquisition of Nationwide Life and Nationwide Unit Trust Managers.
Marsh on its operations outsourcing agreement with Capita.
Prudential its multi-tie distribution agreements entered into with Barclays, Millfield and NAB.