05 Dec 2014 | 08:54 am | 1 min. read
International law firm Pinsent Masons has advised Sterling Insurance Group's shareholder, Nicholas Cooper on the sale of the Sterling business to Covéa, the French mutual insurance group. The sale is subject to regulatory approval. Working alongside, DMH Stallard, the corporate lead law firm for the vendor, Pinsent Masons provided the insurance regulatory, pensions and tax advice.
Sterling Insurance Group is a UK insurance group that operates across a number of different specialist market sectors. Sterling underwrites and administers a range of life and general insurance products and specialises in niche areas within markets where it can demonstrate its expertise. Sterling’s business partners range from high street brokers to the UK's leading retail banks and financial institutions.
Covéa is a leading French mutual insurance group, writing €15.5bn of premiums in 2013. It is one of the largest insurers in France, providing a wide range of life and non-life insurance products through three major brands - GMF, MAAF and MMA - and also operates in a number of other countries, including Italy and the US.
The Pinsent Masons team advising on the deal was led by insurance partner Bruno Geiringer with assistance from Nick Stones and Helen Geeson (pensions) and Karen Davidson and Andrew McCarthy (tax) and Chris Riach (insurance). The DMH Stallard team was led by Jonathan Deverill, partner and London head of corporate, and included DMHS colleagues Sarah Quinnell, Rishi Solan and Colin Calvert.
Bruno Geiringer said “We were delighted to bring our Insurance sector expertise to the table and work alongside DMH Stallard and Graham Rivers-Moore, the Sterling in-house lawyer, as colleagues on the deal and to successfully bring the deal to signing for the vendor in such a short time frame. We are seeing an increasing trend of inwards investment from Europe into the UK insurance industry and this fits well with our international capabilities and presence in France and Germany.”
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