Slaughter and May is advising ReAssure Limited (ReAssure), a wholly-owned subsidiary of the Admin Re Group, part of the Swiss Re Group, on its agreement to purchase the UK pensions business of HSBC Life (UK) Limited (HSBC).

Under the terms of the agreement, which were announced on 11 June 2014, subject to regulatory and Court approval, ReAssure will acquire over 400,000 individual and group pension and related annuity policies, by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act 2000 (as amended). Completion is expected to occur in the second half of 2015.

At 31 December 2013, the value of the underlying assets under management forming part of the proposed purchase was approximately £4.2bn (approximately US$7.05 billion).

Slaughter and May also advised ReAssure on a reinsurance agreement with HSBC transferring certain economic risks and benefits of the UK pensions business being acquired to ReAssure from 1 January 2014 until completion of the acquisition.

CONTACTS

Insurance: Mark Bennett (partner), Robert Chaplin (partner), Natalie Cook (associate), Edward Steward (associate); Pensions and Employment: Sandeep Maudgil (partner), Alison Smullen (associate), Harriett Clover (associate); Competition: Jordan Ellison (partner), Elie Yoo (associate); Financial Regulation: Ben Kingsley (partner), Isabel Paintin (associate); Tax: Mike Lane (partner), James Hume (associate)