03 Apr 2013 | 05:35 pm | 1 min. read
International law firm Pinsent Masons has advised Tunbridge Wells Equitable Friendly Society Limited, trading as The Children’s Mutual, on the transfer of its entire business to UK insurance company Forester Life Limited under Part VIII of the Friendly Societies Act. The deal involved the transfer of 1.2m policies and accounts and management of assets worth over £1.7bn.
The Pinsent Masons team advised on the insurance business transfer schemes approved in the UK by the FSA and the Royal Courts in Jersey and Guernsey, the establishment of governance arrangements to protect the rights of transferring policyholders, a pre-transfer merger of two with-profits funds, the termination of membership rights and the granting of new membership rights in the Canadian parent of Forester Life, and the transfer of administration and investment management services from outsourced providers.
The Pinsent Masons team advising on the deal was led by the Head of Pinsent Masons' Life Insurance practice and partner of the firm, Bruno Geiringer, assisted by partners Simon Horsfield and Raj Sharma, together with Sarah Bond, Ben Laurence, Rachel Cussen, Chris Riach, Sarah Ashberry and Suzie Gibson.
Bruno Geiringer, commented: "Our role was to advise on and then help execute the strategy set by the Society's Board to transfer the business to Forester Life. We have a very experienced team in our Insurance practice which undertakes these insurance business transfers. We were delighted to be appointed by the Society and enjoyed working with the Board and senior managers. Particularly pleasing was the high participation and the positive vote from the Society's members to approve the transfer at a recent Special General Meeting which endorsed the board's strategy."
Graeme McAusland, CEO of The Children’s Mutual, said: "The Pinsent Masons team were a great help to the Society’s Board throughout the whole transfer process. The team have worked positively with all of the relevant stakeholders and guided us through a complex process, particularly at a time of significant regulatory change. We have been impressed with the expertise of the Pinsent Masons team and their constructive working approach. They have played a key part in ensuring a positive and successful outcome for both the Society’s members and customers."
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