Life Insurance

Life Insurance Open
Life Insurance Open
Client Description Counterparty
Advising TDR Capital on the sale of Retirement Advantage to Canada Life.
Advising AGER Bermuda, the holding company of Athene’s European operations, on its acquisition of Aegon Ireland plc.
Advising LV= on the sale of a 49% stake in its general insurance business to Allianz and the creation of a joint venture in the UK general insurance market.
Advising RL360 on its acquisition of Friends Provident International from Aviva.
Advising Standard Life plc on its recommended all-share merger with Aberdeen Asset Management plc.
Advising Reliance Mutual on its demutualisation and sale to LCCG.
Advised AXA on the sale of its UK investment, pensions and direct protection businesses to Phoenix Group.
Advised AXA on the sale of its Isle of Man offshore bond business to Life Company Consolidation Group (LCCG).
Advised Just Retirement on its merger with Partnership Assurance.
Advised Unum on the acquisition of National Dental Plan from Capita.
Advised LV= on its acquisition of Wealth Wizards.
Advised Lloyds Banking Group on the sale of Clerical Medical International, its offshore business based in the Isle of Man, to RL360°.
Advised Prudential on the sale of its 25% stake in PruHealth and PruProtect to Discovery Group, based on a 100% value of £620 million.
Advised Engage Mutual on its merger with Family Investments.
Advised Ageas UK on the sale of Ageas Protect to AIG.
Advised Just Retirement on its initial public offering.
Advised Legal & General on its acquisition of the 75% stake in Cofunds which it did not already own.
Advised Suffolk Life, a subsidiary of Legal & General, on the acquisition of a SIPP book from Pointon York.
Advised Royal Liver on the transfer of its assets and liabilities to Royal London.
Advised Bupa on the sale of Bupa Health Assurance Limited, its individual protection and group risk business, to Resolution.
Advised Langholm Capital on the sale of its majority shareholding in Just Retirement.
Advised Sun Life Financial on its acquisition of Lincoln National’s UK operations.
Advised Partnership Assurance on its sale to Cinven.
Advised Suffolk Life Group plc on its sale to Legal & General Group plc.
Advised Liverpool Victoria on its acquisition of the new business operations of Tomorrow (formerly GE Life) from Swiss Re.
Advised Virgin Money on its life distribution agreement with Scottish Widows.
Independent expert witness to Ernst & Young re Equitable Life.
Advised the founders on the formation of Intrinsic Financial Services.
Advised Britannic Group on its acquisition of the Life Operations of Allianz Cornhill Insurance.
Advised Aberdeen Asset Management and Standard Life Investments on the disposal of their 42% interest in Lombard.
Advised Virgin Money on the sale of Virgin Money Life Limited to Reassure UK Life Assurance Company Limited.
Advised Countrywide Assured on its acquisition of Friends Provident’s estate agency network and long-term distribution arrangement.
Advised GE Capital on its acquisition of National Mutual Life Assurance Society.
Advised Liverpool Victoria on its acquisition of Royal National Pension Fund for Nurses.
Advised Compensa on the sale of its life and non-life insurance businesses to Wiener Stadtische and HUK Coburg.
Advised Liverpool Victoria on its acquisition of Permanent Insurance Company.
Advised SPP on its sale to Svenska Handelsbanken.
Advised Prudential on the sale of its stake in St James’s Place Capital to Halifax plc.
Advised Zurich on its acquisition of Abbey Life Assurance Company.
Advised AMP on its acquisition of National Provident Institution.
Advised AXA on the sale of Guardian Life to Aegon.
Advised St James's Place on its acquisition of the outstanding 50% stake in J Rothschild Assurance.
Advised Provident Mutual Life Assurance Association on its sale to General Accident.
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Advised AXA on the sale of its UK investment, pensions and direct protection businesses to Phoenix Group.

Counterparties

Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:

  • SunLife, the Over 50s direct-to-consumer protection business, and Embassy, AXA UK’s non-platform investment and pensions business, to Phoenix Group;
  • Elevate, the wrap platform business with c. £10bn of assets under administration, to Standard Life; and
  • AXA Wealth International, the Isle of Man offshore bond business, to Life Company Consolidation Group (LCCG).

The aggregate consideration for all three transactions is €832 million.

Paul Evans, CEO of AXA UK and CEO designate of AXA Global Life & Savings and AXA Global Health, commented: “Fenchurch’s advice was important in planning and preparing for the complexity of one, two or potentially three disposals and related separation issues. Their trusted senior relationships, authoritative insights into the M&A market and deep sector expertise were critical to successfully orchestrating all three transactions.”

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Advised AXA on the sale of its Isle of Man offshore bond business to Life Company Consolidation Group (LCCG).

Counterparty

Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:

  • SunLife, the Over 50s direct-to-consumer protection business, and Embassy, AXA UK’s non-platform investment and pensions business, to Phoenix Group;
  • Elevate, the wrap platform business with c. £10bn of assets under administration, to Standard Life; and
  • AXA Wealth International, the Isle of Man offshore bond business, to Life Company Consolidation Group (LCCG).

The aggregate consideration for all three transactions is €832 million.

Paul Evans, CEO of AXA UK and CEO designate of AXA Global Life & Savings and AXA Global Health, commented: “Fenchurch’s advice was important in planning and preparing for the complexity of one, two or potentially three disposals and related separation issues. Their trusted senior relationships, authoritative insights into the M&A market and deep sector expertise were critical to successfully orchestrating all three transactions.”

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Advised Just Retirement on its merger with Partnership Assurance.

Counterparty

Fenchurch is pleased to have acted as financial adviser to Just Retirement Group plc on its recommended all-share merger with Partnership Assurance Group plc, which completed today.

The Boards of Just Retirement and Partnership believe the merger will deliver significant strategic and financial benefits by using the combined group’s outstanding intellectual property and greater scale to accelerate existing strategies, whilst also creating the opportunity for cost synergies.

Rodney Cook, CEO of JRP Group, said: “Fenchurch’s life insurance sector knowledge, in-depth understanding of Just Retirement and senior team commitment were important factors in securing this complex merger and related equity capital issue during a period of considerable regulatory change. Fenchurch’s expert and independent advice helped us to navigate successfully all key transaction issues and align numerous stakeholders.”

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Advised Prudential on the sale of its 25% stake in PruHealth and PruProtect to Discovery Group, based on a 100% value of £620 million.

Counterparty

Fenchurch is pleased to have advised Prudential on the sale of its 25% stake in PruHealth and PruProtect to Discovery Group at a 100% valuation of £620m.

PruHealth was established by Prudential and Discovery in 2004 as a JV offering private medical insurance products, before expanding into the protection market through PruProtect in 2007. The JV generated c.£480m of gross premiums in the year to June 2014.



The transaction has enabled Prudential UK to realise its minority investment at attractive terms whilst providing full strategic flexibility to re-enter the UK protection market in due course.



Jackie Hunt, CEO of Prudential UK, Europe and Africa, commented: “Fenchurch made a very strong tactical, financial and commercial contribution to our team and helped us secure attractive terms for our investment in the JV. We were particularly impressed with the depth of their team and the level of senior engagement throughout the assignment.”

 

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Advised Legal & General on its acquisition of the 75% stake in Cofunds which it did not already own.

Counterparties

Fenchurch Advisory is pleased to announce that it acted as exclusive financial adviser to Legal & General on its acquisition of the 75% stake in Cofunds which it does not already own, valuing the business at £175 million.

Cofunds is the largest investment platform in the UK, with assets under administration of over £50 billion and a 22% market share. The acquisition will form part of Legal & General’s savings division, extending its asset gathering capabilities and providing scale and distribution in the investment platform market.”

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Note – includes transactions advised on by Fenchurch team members at predecessor firms