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 Corporate for Financial services

View Profile

Latest press releases

Show me all press releases

Pinsent Masons advises China Education on the acquisition of King's Own Institute

International law firm Pinsent Masons has advised China Education on the AU$128m acquisition of King's Own Institute in Australia.

Pinsent Masons advises Ebbsfleet Development Corporation on critical land acquisition for garden city project

International law firm Pinsent Masons has advised Ebbsfleet Development Corporation (EDC) on the acquisition of land from Ebbsfleet Investment GP Limited for a landmark regeneration project.

Increase in average prison sentence length for tax evasion - now over two and a half years

There was a 10% rise in the average prison sentence length for tax evasion last year jumping to 2 years 7 months*, up from 2 years 5 months, says Pinsent Masons, the international law firm.

People who viewed this press release also viewed

Show me all press releases

FCA investigations into cryptocurrency businesses jumps

The number of live FCA investigations into cryptocurrency businesses has increased 74% to 87 (FCA, September 2019), up from just 50 in September 2018, says Pinsent Masons, the international law firm.

Pinsent Masons advises on Hong Kong listing of LFG

International law firm Pinsent Masons has advised the Joint Sponsors (Lego Corporate Finance Limited and TUS Corporate Finance Limited) and the Underwriters, on the approximately HK$121 million public offer and placing of shares, and listing on the Main Board of the Hong Kong Stock Exchange of LFG Investment Holdings Limited (“LFG Investment”).

Pinsent Masons Joins Climate Bonds Partners Programme

International law firm Pinsent Masons has joined Climate Bonds Initiative's Partners Programme, an international network mobilising debt markets to tackle climate change and finance green solutions.

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