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Life Assurance

United Kingdom

The commercial, economic and regulatory environment for the life assurance industry has never been more challenging.  Technology, historically low interest rates, increasing longevity and the introduction of Solvency II are driving ever greater focus on risk and capital management, asset allocation and investment strategies.  The focus is all on achieving competitive advantage through new product development and distribution.

In this complex, fast-changing and highly regulated sector, members of our multi-disciplinary Life Assurance Team work alongside leading life assurers, reinsurers, retail and investment banks, investment managers, funds and their financial and actuarial advisors across the full range of their activities.

CMS' team of 'highly knowledgeable insurance experts' provides 'good commercial advice, short response times and great value for money'.
Legal 500 UK, 2015

We have extensive experience of high-value corporate and transactional matters, advising on cross-border mergers and acquisitions, restructurings, as well as structured reinsurance and capital transactions, alternative asset investments and major distribution arrangements.

In addition, we are widely acknowledged as a leader in the rapidly developing pension de-risking and longevity risk transfer markets, having advised clients on many of the largest and most innovative transactions announced to date.

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High­lights of our ex­per­i­ence in Life As­sur­ance in the UK
A life as­sur­ance com­pany on the re­struc­tur­ing of its as­set port­fo­lio to ob­tain match­ing ad­just­ment treat­ment un­der Solvency II.Met­Life on the ac­quis­i­tion of Aviva life and pen­sions sub­si­di­ar­ies in CEE and its dis­pos­al of UK bulk an­nu­it­ies pro­vider Met­Life As­sur­ance Lim­ited to Rothesay Life.CMS law­yers in 18 coun­tries led by Lon­don-based part­ners Paul Ed­mond­son and Chris Southorn have also been ad­vising Met­Life on a com­plex re­or­gan­isa­tion and con­sol­id­a­tion of its European group since its ac­quis­i­tion of Alico in 2010.Ab­bey Life on the GBP 2bn longev­ity in­sur­ance trans­ac­tion with the Trust­ee of the Scot­tish­Power Pen­sion Scheme and as­so­ci­ated re­in­sur­ance syn­dic­a­tion.Pen­sion In­sur­ance Cor­por­a­tion on the GBP 2.4bn longev­ity re­in­sur­ance trans­ac­tion with Han­nov­er Re in re­spect of risks as­so­ci­ated with the Philips UK Pen­sion Fund.A ma­jor in­ter­na­tion­al in­surer on the ne­go­ti­ation and doc­u­ment­a­tion of col­lat­er­al up­grade trans­ac­tions (or ‘li­quid­ity swaps’).Scot­tish Friendly As­sur­ance So­ci­ety Lim­ited on the ac­quis­i­tion of Mar­ine and Gen­er­al Mu­tu­al Life As­sur­ance So­ci­ety ef­fected by an in­sur­ance busi­ness trans­fer scheme un­der Part VII of FSMA.A glob­al in­surer on the im­ple­ment­a­tion of Solvency II com­pli­ant out­sourcing ar­range­ments, in­clud­ing draft­ing pre­ced­ent out­sourcing agree­ments for IT and busi­ness pro­cess out­sourcings.A wide range of life com­pan­ies on plat­forms and as­set man­agers on reg­u­lat­ory com­pli­ance is­sues, such as RDR, CASS, COBS, sys­tems and con­trols and cap­it­al struc­tur­ing. Life com­pan­ies, as­set man­agers and ap­proved per­sons on reg­u­lat­or vis­its, sec­tion 166 ap­point­ments, in­vest­ig­a­tions and en­force­ment ac­tion – we have ad­vised fin­an­cial in­sti­tu­tions on over 400 in­vest­ig­a­tions. Dis­tri­bu­tion agree­ments and stra­tegic al­li­ances, for ex­ample between life com­pan­ies and high street banks.Please down­load the print ver­sion be­low.
Law-Now: In­sur­ance
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4 December 2017
Risk Mat­ters: In­sur­ance Sec­tor Up­date (Winter 2017/18)
11 August 2016
In­sur­ance is­sues: key is­sues for the in­sur­ance mar­ket - Sum­mer 2016
Risk Mat­ters: In­sur­ance Sec­tor Up­date (Spring 2016)
In­sur­ance Is­sues (June 2015): Key is­sues for the in­sur­ance mar­ket
10 things every in­surer should know about Cent­ral East­ern Europe
CMS ad­vises on £900m longev­ity swap for Trust­ees of the PGL Pen­sions Scheme
CMS in Lon­don has ac­ted for the Trust­ees of the PGL Pen­sions Scheme (“PGL”) in the £900 mil­lion longev­ity in­sur­ance trans­ac­tion with Phoenix Life Lim­ited (“Phoenix”), part of Phoenix Group Hold­ings, a FTSE 250 com­pany.
Risk Mat­ters: In­sur­ance Sec­tor news­let­ter Sum­mer 2014
High­light­ing top­ic­al is­sues for in­sur­ance sec­tor par­ti­cipants
Life, pen­sions & longev­ity risk
The CMS Life Pen­sion and Longev­ity Risk Team has ad­vised Pen­sion In­sur­ance Cor­por­a­tion (“PIC”), the UK’s lead­ing spe­cial­ist pen­sion risk in­surer, on a £1.6bn pen­sion buy-in trans­ac­tion with the Trust­ees of the Total UK Pen­sion Plan and the as­so­ci­ated long
CMS named ‘top over­all law firm for all leg­al deal­ings’ in Re­ac­tions’ In­sur­ance...
The sur­vey, con­duc­ted by in­dustry-lead­ing pub­lic­a­tion Re­ac­tions, asked more than 100 people from glob­al in-house leg­al teams in the in­sur­ance and re­in­sur­ance mar­ket which law firms they be­lieved were the best by re­gion and by spe­ci­al­ity.
Risk Mat­ters: In­sur­ance Sec­tor up­date Spring 2014
High­light­ing top­ic­al is­sues for in­sur­ance sec­tor par­ti­cipants
Cor­por­ate In­sur­ance Cap­ab­il­ity
Our award-win­ning Cor­por­ate team is re­cog­nised as one of the largest and most ex­per­i­enced in Europe.
Life In­sur­ance Group – our ex­pert­ise
The life in­sur­ance in­dustry is at the heart of the fin­an­cial in­sti­tu­tions sec­tor, and plays a vi­tal role in eco­nom­ies across Europe and bey­ond. In this com­plex and highly reg­u­lated sec­tor, our multi-dis­cip­lin­ary Life In­sur­ance Group of­fers ‘one stop’ acce