Pinsent Masons advises Chesnara on £260M acquisition of HSBC Life UK

HSBC Life (UK) is a specialist life protection and investment bond provider in the UK. It operates both open and closed life assurance portfolios, with approximately 454,000 policies, of which approximately 440,000 are protection products.

The deal is part of Chesnara’s M&A growth strategy, following on from a series of other recent deals.

The acquisition will increase Chesnara’s assets under administration by £4 billon (as at 31 December 2024), bringing its total up to £18 billion. The Pinsent Masons team was led by partners Walter Clark and Hannah Brader (Corporate - Financial Services), working closely alongside partners James Kaye (Equity Capital Markets), Richard Scott (Debt Finance), Mhairi Mival (Commercial Contracts) and Chris Riach (FS Regulatory).

The Pinsent Masons team has advised Chesnara previously on work including its strategic outsourcing partnership with SS&C. The recent HSBC deal is the first major M&A deal on which Pinsents has advised Chesnara.

Commenting on the acquisition, Walter Clark said: “Driving the deal forward alongside Chesnara with our specialist team here at Pinsents has honestly been a pleasure, and we have loved playing a part in our client’s success.”

John Maciver, Global Head of Financial Services at Pinsent Masons, said: “Our top tier FS work at Pinsents continues to build and this high-profile deal is a great example of what our team can deliver.”

Fenchurch, PwC, RBC and PA Consulting were also advisers to Chesnara, with Deutsche Bank and Freshfields advising HSBC.