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:

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.

Legal & General on the sale to Swiss Re by means of insurance business transfer scheme of its Mature Savings business.

a number of UK insurers, including Prudential, Aviva and Standard Life, on transfers of business to non-UK EEA entities as part of their Brexit structuring plans.

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

ReAssure, part of the Swiss Re group, on the acquisition of the UK pensions business of HSBC Life (UK), including the associated insurance business transfer scheme.

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.

Zurich Insurance on the proposed transfer of its pre-2007 UK legacy employers’ liability portfolio to Catalina