Pinsent Masons advises Direct Line on sale of life insurance business to Chesnara

29 Nov 2013 | 03:38 pm |

International law firm Pinsent Masons has advised Direct Line on the sale of its closed life insurance business to Chesnara plc for a cash consideration of £39.3m.

The deal allows Direct Line to release a further £23m of capital, which was previously required to back the policies, resulting in total sale proceeds of £62.2m. Direct Line plans to return the sale proceeds to shareholders through a special dividend.

Direct Line, which was floated by The Royal Bank of Scotland plc in one of London's largest initial public offerings last year, operates under well known brands such as Direct Line, Churchill, Green Flag and Privilege.

Pinsent Masons fielded a cross discipline team led by life insurance specialist Bruno Geiringer and financial services M&A partner Sean Page.  Bruno and Sean were assisted by Charlotte McIntyre and Emma Shield.

Commenting on the deal Sean Page said:

"We are delighted to have brought this important transaction to a successful conclusion for Direct Line which now allows the group to make an increased return to shareholders." 

Bruno Geiringer added:

“This deal called on our specialist experience in Insurance M&A.  As insurers across Europe continue to refocus strategy around their core propositions, we expect that restructuring activity in the Insurance sector will continue to be strong for the next 12 months.”

 

Latest press releases

Show me all press releases

Pinsent Masons advises on 5G Create - the £28m government funded 5G test projects

Multinational law firm Pinsent Masons has advised the Department for Digital, Culture, Media and Sport (DCMS) on its innovative joint £28m investment in 5G test projects to showcase the capability of 5G technology across a range of industries and identify commercially sustainable long-term use cases.

Pinsent Masons advises GNA Biosolutions GmbH on Covid-19 rapid PCR test

Multinational law firm Pinsent Masons advised GNA Biosolutions GmbH on IP and commercial aspects of its rapid PCR Covid-19 test.

Pinsent Masons advises Bank of China on the project financing of an integrated stainless steel plant.

Multinational law firm Pinsent Masons has advised the Bank of China and a syndicate of 11 banks on the project financing of the USD$1billion Xiamen Xiangyu integrated stainless steel plant located in South Sulawesi, Indonesia.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises GNA Biosolutions GmbH on Covid-19 rapid PCR test

Multinational law firm Pinsent Masons advised GNA Biosolutions GmbH on IP and commercial aspects of its rapid PCR Covid-19 test.

Pinsent Masons advises ALK Capital on its acquisition of Burnley FC

Multinational law firm Pinsent Masons has advised ALK Capital on the acquisition of Burnley Football Club.

Pinsent Masons advises Unbound on financing in fitness start-up VAHA

Pinsent Masons has advised Unbound on its investment in etone Motion Analysis GmbH (VAHA), a manufacturer of smart digital mirrors.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts