Insurance Business Transfer Schemes

We regularly advise on insurance business transfer schemes under Part VII of the Financial Services and Markets Act. Our insurance practitioners are extremely knowledgeable about the relevant regulatory and court processes and familiar with the judges and court staff involved in these types of transaction.

Our experience includes advising on:

  • schemes entered into as part of a demutualisation process
  • schemes used for the transfer of all or part of an insurance business, including on the sale of blocks of annuity business
  • fund mergers, in particular for the consolidation of blocks of acquired business and to rationalise corporate structures following M&A transactions
  • amendments to policy terms as part of a scheme process
  • data protection issues in relation to Part VII schemes

Partner Contacts

Our key experience includes advising:

Friends Life on the transfer by way of Part VII scheme of blocks of business between various Friends Life and AXA group companies pursuant to the acquisition by Resolution/ Friends Life of the bulk of AXA’s UK life business.

ITAS Mutua on the transfer to it under Part VII of FSMA of the business of the Italian branches of RSA.

Legal & General on the transfer by Nationwide Life to Legal & General Assurance Society of approximately 350,000 long-term insurance policies.

Marine and General Mutual Life Assurance Society on the transfer of its entire business to Scottish Friendly Assurance Society.

Phoenix Group on the transfer of the whole of the business of Phoenix and London Assurance to Phoenix Life, which follows on from our work in earlier years relating to the consolidation of funds into Phoenix Life.

Phoenix Life & Pensions on its agreement to reassure to Prudential Pensions its pension annuity in payment business and the subsequent Part VII transfer scheme and cancellation of the reinsurance arrangements.

Resolution on the merger, through a Part VII transfer scheme, 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.

RSA Insurance Group on the consolidation of certain of its UK general insurance businesses into three operating companies by means of a series of five insurance business transfer schemes under Part VII of FSMA.

Standard Life on its demutualisation, Part VII transfer and flotation on the London Stock Exchange.

a third party on the disposal by Equitable Life by Part VII transfer of the majority of its non-profit annuity business.