08 Sep 2020 | 10:26 am |
Multinational law firm Pinsent Masons has won Insurance Team of the Year at the Legal Business Awards 2020 for its role advising Royal London on its Brexit strategy and the implementation of a cross-border reorganisation of part of its business.
Led by insurance partner and Head of Corporate for the Financial Services sector, Hammad Akhtar, the firm advised the mutual on the implementation of its Brexit strategy which involved a £1bn transfer of legacy Irish, German and other business from the mutual to a newly formed Irish subsidiary, Royal London Insurance DAC.
As part of the transaction, the majority of the transferred business has been reinsured back to the UK-based mutual. The strategy enabled Royal London to service EU-based policyholders in the event of a no-deal Brexit should 'passporting rights' be scrapped.
Commenting on the win, Hammad Akhtar said: "I have worked closely with Royal London for a number of years, supporting the business on several strategically important landmark initiatives.
"This particular project was a critical element of Royal London's response to Brexit, safeguarding its business and customers in the event of a no-deal Brexit. As the impact of the pandemic and Brexit continues to dominate the agenda for many of our clients, we will continue to work with the insurance industry to find practical, commercial solutions that future proof their day-to-day business activity."
The team at Pinsent Masons included insurance partner Matthew Brewer, banking partner Nick Gavin-Brown and regulatory partner Iain Sawers.
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