17 Jan 2022 | 02:21 pm | 1 min. read
Multinational law firm Pinsent Masons Irish corporate insurance team has advised Athora Ireland plc (Athora) on its transfer of a book of variable annuity policies to Monument Life Insurance DAC, with assets under management valued at nearly €1 billion for circa 13,000 customers.
Believed to be the largest portfolio transfer of variable annuity business which has been approved by the Irish High Court, the transaction completed on 31 December. Pinsent Masons also advised Athora on a day one reinsurance agreement which was governed by Irish law and provided for the transfer of the residual economic risk of the book of variable annuity business to a Monument group reinsurer up to completion.
Pinsent Masons’ lead partner on the deal, Naoise Harnett said:
“This transaction is significant not only for its scale but because it demonstrates that acquisitions of books of variable annuity business in the Irish market are still possible provided the stringent requirements of the Central Bank of Ireland are met.
We were delighted to be able to get this strategic transaction for Athora over the line and fully completed as scheduled without any delays. The day one reinsurance agreement which was negotiated and entered in this transaction is also noteworthy as it demonstrates the reinsurance expertise of Pinsent Masons Irish corporate insurance team based in Dublin.”
Tadhg Clandillon, CEO of Athora Ireland said: “We will now focus exclusively on developing our reinsurance business and operations in tandem with Athora’s Bermuda-based reinsurance carrier Athora Life Re. We see increasing demand for the innovative reinsurance solutions that we can provide to European life insurers seeking to implement capital actions or enact strategic change.”
The team from Pinsent Masons working on this deal included: Naoise Harnett (Lead Partner, Corporate Insurance), Madhu Jain (Partner, Corporate Insurance), Niall Campbell (Senior Associate, Corporate Insurance), Stephen Gamble (Solicitor, Corporate Insurance), Andreas Carney (Partner, Technology), Ciara Ruane (Senior Associate, Employment), Aoibheann Duffy (Associate, Intellectual Property).
Multinational law firm Pinsent Masons has advised the University of Greenwich on the trailblazing merger with the University of Kent, paving the way for the creation of the UK’s first “super‑university”.
Multinational law firm Pinsent Masons has advised on the sale of VLocker, a global leader in the design, manufacture, installation and management of electronic locker systems, to Venu+, a United States‑based portfolio company of private equity fund ZCG.
Multinational law firm Pinsent Masons is expanding its European footprint into Poland, announcing plans to open in Warsaw in mid-2026.
Multinational law firm Pinsent Masons has appointed pensions partner Susie Daykin to join its London office.
Law firm Pinsent Masons MPIllay has advised French development finance institution Proparco (Société de Promotion et de Participation pour la Coopération Économique) on its investment in Singapore-headquartered energy-as-a-service (EaaS) infrastructure platform August Energy.
Multinational law firm Pinsent Masons in Paris advised La Banque Postale and Bpifrance in connection with the financing of the repowering of two wind farms (Marsanne and Grand Bois) owned by funds managed by Octopus Energy Generation, for an amount exceeding €83 million.
For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on
Location contacts
Europe: [email protected]
Asia: [email protected]
Middle East: [email protected]
Australia: [email protected]