04 Mar 2015 | 02:44 pm |
International law firm Pinsent Masons has advised Canada Life Limited on the acquisition of Equitable Life’s £875m non-profit annuity business.
The transaction, announced by the parties on 3 March 2015, involves the reassurance of the liabilities with effect from 1 January 2015 and will be followed by a transfer of the annuity policies by way of a court-approved insurance business transfer under Part VII of the Financial Services and Markets Act 2000.
The Pinsent Masons multi-disciplinary team advising Canada Life was led by Insurance partner Bruno Geiringer, with assistance principally from John Christian (Partner, Tax), Tony Anderson (Partner, Banking), Raj Sharma (Partner, Pensions), Jon Fisher (Partner, Employment), Samantha Livesey (Partner, Commercial) and Rosie Macadie (Solicitor, Commercial).
Commenting on the transaction, Bruno Geiringer said:
“It is a pleasure to work with the Canada Life project team and the in-house lawyers, led by Head of Legal Kelvan Swinnerton and Melissa Catalano from the parent company in Toronto. We are delighted to be able to assist Canada Life execute this deal which further strengthens its market leading position as a provider of competitive annuity products. We anticipate there will be more acquisitions of non-core annuity businesses in the UK in light of the fall in sales of individually underwritten annuities following the Chancellor’s pensions reforms.”
Multinational law firm Pinsent Masons has advised leading European renewable energy independent power producer ERG on its acquisition of a 100% stake in a portfolio of seven operational onshore wind farms in Northern England from OnPath Energy Midco Limited, a subsidiary of OnPath Energy.
Multinational law firm Pinsent Masons has advised CSG Chemical Solutions (CSG) on their acquisition of Cork-based Celtic Water Care Solutions Limited (Celtic Water Care).
Multinational law firm Pinsent Masons has advised International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution focused on the private sector in emerging markets, on its landmark investment of €25 million in Groupe EDK, Senegal’s foremost retail and large-scale distribution operator.
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]