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.

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