Date | Client | Consideration | Description | Counterparty |
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Aug 2022 |
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£248 million | Advising Sun Life Financial on the sale of Sun Life UK and long-term strategic partnership with Phoenix Group. |
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Jul 2022 |
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c.€660 million | Advising AXA on the sale of a closed life and pensions portfolio in Germany to Athora. |
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Mar 2022 |
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Undisclosed | Advising CNP Assurances on the sale of its Spanish life insurance subsidiary, CNP Partners, to Mediterráneo Vida. |
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Feb 2022 |
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Undisclosed | Advising Cinven on its acquisition of International Financial Group Limited. |
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Dec 2021 |
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Undisclosed | Advised AXA on the sale of a Belgian traditional life insurance portfolio to Monument Re. |
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Sep 2021 |
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Undisclosed | Advised Apollo on the sale of its Italian life insurance business, Amissima Vita, to Athora. |
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Jul 2021 |
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€230 million | Advised Phoenix Group on the sale of Ark Life to Irish Life. |
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Jul 2021 |
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Undisclosed | Advised AÉSIO mutuelle on the sale of its minority stake in Mutex to Groupe VYV. |
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May 2021 |
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Undisclosed | Advised Julian Hodge Bank on the sale of a portfolio of equity release assets. |
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Feb 2021 |
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Undisclosed | Advised Hodge Group on the sale of its life insurance business, Hodge Life Assurance Company to RGA. |
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Aug 2020 |
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Undisclosed | Advised Charles Taylor on the sale of its Isle of Man life insurance platform to Monument Re. |
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Dec 2019 |
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£3.25 billion | Advised Swiss Re on the sale of ReAssure to Phoenix Group. |
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May 2019 |
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£578 million | Advised LV= on the sale of its remaining 51% stake in LV= General Insurance to Allianz. |
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Mar 2019 |
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Undisclosed | Advised Societe Generale on its sale of Inora Life to Monument Re. |
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Jun 2018 |
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Undisclosed | Advised Munich Re on the sale of its UK group life business, Ellipse, to AIG. |
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Feb 2018 |
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£3.24 billion | Advised Standard Life Aberdeen on the sale of its insurance business and long-term strategic partnership with Phoenix Group. |
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Aug 2017 |
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Undisclosed | Advised TDR Capital on the sale of Retirement Advantage to Canada Life. |
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Aug 2017 |
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Undisclosed | Advised AGER Bermuda, the holding company of Athene’s European operations, on its acquisition of Aegon Ireland plc. |
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Aug 2017 |
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£1.02 billion | Advised 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. |
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Jul 2017 |
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£340 million | Advised RL360 on its acquisition of Friends Provident International from Aviva. |
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May 2017 |
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£12 billion | Advised Standard Life plc on its recommended all-share merger with Aberdeen Asset Management plc. |
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Feb 2017 |
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Undisclosed | Advised Reliance Mutual on its demutualisation and sale to LCCG. |
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May 2016 |
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£375 million | Advised AXA on the sale of its UK investment, pensions and direct protection businesses to Phoenix Group. |
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Apr 2016 |
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Undisclosed | Advised AXA on the sale of its Isle of Man offshore bond business to Life Company Consolidation Group (LCCG). |
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Sep 2015 |
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£1.7 billion | Advised Just Retirement on its merger with Partnership Assurance. |
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Aug 2015 |
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£32 million | Advised Unum on the acquisition of National Dental Plan from Capita. |
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Aug 2015 |
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Undisclosed | Advised LV= on its acquisition of Wealth Wizards. |
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May 2015 |
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Undisclosed | Advised Lloyds Banking Group on the sale of Clerical Medical International, its offshore business based in the Isle of Man, to RL360°. |
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Nov 2014 |
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£155 million | Advised Prudential on the sale of its 25% stake in PruHealth and PruProtect to Discovery Group, based on a 100% value of £620 million. |
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Sep 2014 |
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Undisclosed | Advised Engage Mutual on its merger with Family Investments. |
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Aug 2014 |
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£181 million | Advised Ageas UK on the sale of Ageas Protect to AIG. |
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Oct 2013 |
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£1.1 billion | Advised Just Retirement on its initial public offering. |
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Mar 2013 |
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£175 million | Advised Legal & General on its acquisition of the 75% stake in Cofunds which it did not already own. |
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Nov 2012 |
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Undisclosed | Advised Suffolk Life, a subsidiary of Legal & General, on the acquisition of a SIPP book from Pointon York. |
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Jul 2011 |
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Undisclosed | Advised Royal Liver on the transfer of its assets and liabilities to Royal London. |
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Oct 2010 |
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£165 million | Advised Bupa on the sale of Bupa Health Assurance Limited, its individual protection and group risk business, to Resolution. |
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Sep 2009 |
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£230 million | Advised Langholm Capital on the sale of its majority shareholding in Just Retirement. |
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Jun 2009 |
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£195 million | Advised Sun Life Financial on its acquisition of Lincoln National’s UK operations. |
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Aug 2008 |
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£200 million | Advised Partnership Assurance on its sale to Cinven. |
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Mar 2008 |
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£62 million | Advised Suffolk Life Group plc on its sale to Legal & General Group plc. |
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May 2007 |
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Undisclosed | Advised Liverpool Victoria on its acquisition of the new business operations of Tomorrow (formerly GE Life) from Swiss Re. |
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Jan 2006 |
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Undisclosed | Advised Virgin Money on its life distribution agreement with Scottish Widows. |
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Sep 2005 |
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£3 billion | Independent expert witness to Ernst & Young re Equitable Life. |
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Jan 2005 |
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Undisclosed | Advised the founders on the formation of Intrinsic Financial Services. |
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Dec 2004 |
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£110 million | Advised Britannic Group on its acquisition of the Life Operations of Allianz Cornhill Insurance. |
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Oct 2004 |
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€600 million | Advised Aberdeen Asset Management and Standard Life Investments on the disposal of their 42% interest in Lombard. |
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Jun 2004 |
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Undisclosed | Advised Virgin Money on the sale of Virgin Money Life Limited to Reassure UK Life Assurance Company Limited. |
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Aug 2002 |
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£275 million | Advised Countrywide Assured on its acquisition of Friends Provident’s estate agency network and long-term distribution arrangement. |
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Apr 2002 |
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£570 million | Advised GE Capital on its acquisition of National Mutual Life Assurance Society. |
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Dec 2001 |
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£248 million | Advised Liverpool Victoria on its acquisition of Royal National Pension Fund for Nurses. |
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Sep 2001 |
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Undisclosed | Advised Compensa on the sale of its life and non-life insurance businesses to Wiener Stadtische and HUK Coburg. |
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Feb 2001 |
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£150 million | Advised Liverpool Victoria on its acquisition of Permanent Insurance Company. |
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Feb 2001 |
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SEK 7.1 billion | Advised SPP on its sale to Svenska Handelsbanken. |
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Mar 2000 |
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£760 million | Advised Prudential on the sale of its stake in St James’s Place Capital to Halifax plc. |
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Jan 2000 |
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£100 million | Advised Zurich on its acquisition of Abbey Life Assurance Company. |
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Jan 2000 |
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£1.31 billion | Advised AMP on its acquisition of National Provident Institution. |
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Sep 1999 |
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Undisclosed | Advised AXA on the sale of Guardian Life to Aegon. |
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Apr 1997 |
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£185 million | Advised St James's Place on its acquisition of the outstanding 50% stake in J Rothschild Assurance. |
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Jan 1996 |
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£170 million | Advised Provident Mutual Life Assurance Association on its sale to General Accident. |
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Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:
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.”
View / Download PDF >Fenchurch is pleased to have advised AXA on three separate disposals of its UK Life & Savings businesses, comprising:
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.”
View / Download PDF >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.”
View / Download PDF >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.”
View / Download PDF >
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.”
View / Download PDF >Note – includes transactions advised on by Fenchurch team members at predecessor firms