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 has 2040 science-based net-zero target verified

Multinational law firm Pinsent Masons is one of the firm law firms to have its global 2040 net-zero target verified by the Science Based Targets initiative, as it doubles down on efforts to reduce its impact on climate change.

Pinsent Masons is successful with City of Munich landmark Oktoberfest appeal

Multinational law firm Pinsent Masons is advising the City of Munich in appeal proceedings brought by the organisers of a planned Oktoberfest event in Dubai. The organisers provided cease-and-desist undertakings, thereby in effect accepting a preliminary injunction issued in this landmark case by the District Court in favour of the City of Munich.

Pinsent Masons advises Northern Gritstone on £215m fund raising

Multinational law firm Pinsent Masons has advised the new investment business Northern Gritstone, founded by the Universities of Leeds, Manchester and Sheffield, on its £215m fund raising.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises Northern Gritstone on £215m fund raising

Multinational law firm Pinsent Masons has advised the new investment business Northern Gritstone, founded by the Universities of Leeds, Manchester and Sheffield, on its £215m fund raising.

Pinsent Masons advises shareholders on sale of Fastway Couriers

Multinational law firm Pinsent Masons has advised the shareholders of Fastway Couriers, including leading Irish private equity funds MML Growth Capital Partners Ireland and Woodberry Ireland Capital, on its sale to Elysian Capital.

Pinsent Masons advises Ithaca Energy on its US$1.5 billion acquisition of Siccar Point Energy

Multinational law firm Pinsent Masons has advised Ithaca Energy on its US$1.5 billion acquisition of Siccar Point Energy from sponsors Blackstone Energy Partners and Blue Water Energy and the management team.

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