07 Feb 2017 | 11:59 am | 1 min. read
International law firm Pinsent Masons has advised Reliance Mutual Insurance Society Limited (Reliance Mutual) on its agreement with Life Company Consolidation Group (LCCG) under which it is proposed that Reliance Mutual will be demutualised and all of its business transferred to a newly formed UK life company established by LCCG.
The decision to enter into an agreement with LCCG follows a detailed review of Reliance Mutual's strategic options. Following a period of review, the Board of Reliance Mutual agreed on the proposed transaction is in the best interests of its members and proposes to recommend it to members in due course.
The Pinsent Masons team acting on the transaction was led by insurance partner Bruno Geiringer supported by Chris Riach and Matt Saward (Insurance), Anthony Anderson and James Gangar (Banking), Raj Sharma and Stewart Murphy (Pensions), Mathew Taylor (Tax), Martin Webster (Corporate), Jon Fisher and Ben Brown (Employment).
Commenting on the deal, Bruno Geiringer said:
"We are delighted to have worked with Reliance Mutual in achieving this momentous agreement for the Society. The proposed transaction is one that will provide value and security for Reliance Mutual’s policyholders and members. We look forward to continuing to work with Reliance Mutual as the parties now progress with a Part VII insurance business transfer scheme to complete the transfer and demutualisation."
Reliance Mutual Insurance Society has provided life insurance solutions to the UK population since 1911. It has 200,000 policies, and manages assets of £1.9bn, from its office in Tunbridge Wells, Kent.
LCCG is a specialist life assurance group focused on the international life market and the management of in-force policies. The business is backed by funds managed by leading investment firm, Oaktree Capital Management.
The proposed transaction remains subject to Reliance Mutual’s members’, regulatory and Court approvals.
In addition to Pinsent Masons, the Board of Reliance Mutual was also advised by Fenchurch Advisory Partners.
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