Pinsent Masons advises on £1bn Royal London asset transfer

14 Feb 2019 | 10:51 am | 1 min. read

Transaction safeguards policies in the event of a no-deal Brexit

International law firm Pinsent Masons has advised Royal London on its £1bn asset transfer to newly formed Irish subsidiary, Royal London Insurance DAC.

Led by insurance partner Hammad Akhtar, the firm advised the mutual on the implementation of its Brexit strategy which involves the Part VII transfer of legacy Irish, German and other business from the mutual to DAC.

Commenting on the transfer, Hammad Akhtar, said: "I am delighted to have advised Royal London on another complex strategic project. Our team to worked closely with Royal London from the early stages of project to deliver the transfer before Brexit and in line with the group’s timetable.”

As part of the transaction, the majority of the transferred business has been reinsured back to the UK-based mutual. The strategy enables Royal London to service EU-based policyholders in the event of a no-deal Brexit should 'passporting rights' be scrapped.

Deputy group general counsel of Royal London, Richard Gordon, said: “This was an important project for Royal London, and for our Irish and German policyholders in particular. 

"The Brexit context and the nature of some of the transferring business meant that there were a number of challenges and complications, but these were overcome and we achieved our desired outcome.  The collaboration between the Royal London team and Pinsent Masons, expertly led by Hammad, contributed hugely to this.”

The team at Pinsent Masons included legal director Matthew Brewer, banking partner Nick Gavin-Brown and regulatory partner Iain Sawers.

 

 

Key Contacts

Hammad Akhtar

Hammad Akhtar

Partner, Head of Transactional Services

View Profile

Latest press releases

Show me all press releases

Pinsent Masons announces new co-heads of Madrid, Inmaculada Castelló and Fernando Gutiérrez

Multinational law firm Pinsent Masons has appointed Inmaculada Castelló and Fernando Gutiérrez as co-heads of the Madrid office as of 1 September 2022.

Pinsent Masons advises UMS Consulting on its acquisition by Expleo

Multinational law firm Pinsent Masons has advised the shareholders of UMS Consulting GmbH & Co. KG on the sale of their shares to Expleo Group S.A.S.

Pinsent Masons advises climate-tech venture capital fund, Systemiq Capital, on the $70m closing of its second fund

Multinational law firm Pinsent Masons has advised climate-tech VC fund Systemiq Capital on the $70 million first close of its second fund, targeting $200 million to continue backing the best early-stage climate tech entrepreneurs.

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons advises UMS Consulting on its acquisition by Expleo

Multinational law firm Pinsent Masons has advised the shareholders of UMS Consulting GmbH & Co. KG on the sale of their shares to Expleo Group S.A.S.

Pinsent Masons advises climate-tech venture capital fund, Systemiq Capital, on the $70m closing of its second fund

Multinational law firm Pinsent Masons has advised climate-tech VC fund Systemiq Capital on the $70 million first close of its second fund, targeting $200 million to continue backing the best early-stage climate tech entrepreneurs.

Pinsent Masons wins Best Talent and Inclusion Initiative at The Lawyer Awards

Multinational law firm Pinsent Masons has won the Best Talent and Inclusion category at this year’s The Lawyer Awards.

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