Part VII transfer from LGAS to ReAssure

Robert Chaplin, Kesten Laverty and Kasim Mehmood discuss the key themes and lessons learned from the transfer of the mature savings business from Legal and General Assurance Society Limited to ReAssure Limited under Part VII of the Financial Services and Markets Act 2000, which was sanctioned by Mr Justice Zacaroli on 20 August in a virtual hearing over Skype. The business comprises approximately 900,000 policies and assets valued at approximately £30 billion. It is one of the largest ever insurance business transfers. Slaughter and May acted for L&G on the transfer.