Slaughter and May is advising Legal & General on the sale of its Mature Savings business to Swiss Re for £650 million

Slaughter and May is advising Legal & General on the sale of its Mature Savings business to the ReAssure division of Swiss Re for £650 million. The Mature Savings business, which is largely closed to new business, has around 1 million customers who hold traditional insurance based pensions, savings and investment products. The business includes both unit linked business and Legal & General’s with-profits fund. It generated £105 million of operating profit in 2016 and had assets of £30 billion at 30 June 2017.

Swiss Re will assume the economic benefit and burden of the business from 1 January 2018 via a reinsurance arrangement. It is expected that the formal transfer of the business, which will be carried out by way of a Part VII scheme under the Financial Services and Markets Act 2000, will be completed in mid-2019.

Slaughter and May worked closely with a large team from the in-house legal function at Legal & General led by Geoffrey Timms, Claire Singleton and Rosie Sears.

Robert Chaplin Partner
Hywel Davies Partner
Claire Jackson Partner
Thomas Peacock Senior Counsel
David Hughes Associate
Katie Kershaw Associate
Adam Sriskandan Associate
Usman Sawar Associate
Duncan Blaikie Partner
Richard McDonnell Associate
Phil Linnard Partner
Padraig Cronin Partner
Katherine Flower Senior Counsel
Rosemary Nelson Associate
Richard Todd Partner
Mark Gulliford Associate
Lisa Wright Partner
Ed Milliner Senior Counsel