The German Federal Financial Supervisory Authority (BaFin) has approved the transfer of the insurance portfolio of Baseler Leben AG Direktion für Deutschland to Frankfurter Lebensversicherung AG. As a result, Frankfurter Leben will take over and administer 128,000 life insurance contracts, together with respective assets in the amount of EUR 1.72 billion. 87 employees of Basler responsible for these life insurance contracts will also be transferred. The transaction is due to be completed on 1 February 2017. Allen & Overy LLP advised the Frankfurter Leben group on this transaction.

Frankfurter Leben intends to continue to strengthen its position in the German life insurance run-off market. As a special run-off platform, it manages insurance portfolios which are closed to new business. Back in September 2016, the Frankfurter Leben group acquired 92 percent of ARAG Lebensversicherungs-AG from ARAG SE – with Allen & Overy advising Frankfurter Leben on this transaction too. This acquisition is, however, still subject to the approval by BaFin. The company is planning further takeovers of other life insurance companies and portfolios.

The Allen & Overy team comprised partner Dr Jan Schröder, counsel Anne Fischer and senior associate Dr Achim Schmid (all Corporate/M&A and Insurance Regulatory, Dusseldorf), as well as partners Dr Hans-Peter Löw (Employment & Benefits, Frankfurt), Dr Jens Matthes (IP, Dusseldorf), senior associate Miray Kavruk (IP, Dusseldorf) and associate Dr Sebastian Schulz (Employment & Benefits, Frankfurt).