Slaughter and May is advising Legal & General on the sale of its Mature Savings business to the ReAssure division of Swiss Re for £650 million. The Mature Savings business, which is largely closed to new business, has around 1 million customers who hold traditional insurance based pensions, savings and investment products. The business includes both unit linked business and Legal & General’s with-profits fund. It generated £105 million of operating profit in 2016 and had assets of £30 billion at 30 June 2017.

Swiss Re will assume the economic benefit and burden of the business from 1 January 2018 via a reinsurance arrangement. It is expected that the formal transfer of the business, which will be carried out by way of a Part VII scheme under the Financial Services and Markets Act 2000, will be completed in mid-2019.

Slaughter and May worked closely with a large team from the in-house legal function at Legal & General led by Geoffrey Timms, Claire Singleton and Rosie Sears.

Contacts

Corporate and Insurance: Robert Chaplin (partner), Victoria MacDuff (partner), Hywel Davies (partner), Claire Jackson (associate), Sarah Ellicott (associate), Thomas Peacock (associate), David Hughes (associate), Katie Kershaw (associate), Adam Sriskandan (associate), Usman Sawar (associate), Kate Morrisson-Betts (trainee), Christopher Koay (trainee)

IP/ IT: Duncan Blaikie (partner), Richard McDonnell (associate), Michaela Peck (associate)

Pensions & Employment: Phil Linnard (partner), Padraig Cronin (partner), Katherine Flower (associate), Rosemary Nelson (associate), Liam Goulding (associate)

Real estate: Richard Todd (partner), Mark Gulliford (associate), Tim Meade (associate)

Competition: Lisa Wright (partner), Enrico Lorenzon (associate)

Tax: Jeanette Zaman (partner), Ed Milliner (associate)