CC and Freshfields seal £750m insurance sale
Clifford Chance (CC) and Freshfields Bruckhaus Deringer have taken lead roles in the £753m sale of Barclays Life Insurance to Swiss Re. The global insurance group, agreed to buy Barclays' insurance arm for £753m on Tuesday (5 August)CC is advising regular client Swiss Re with a team led by London-based corporate partners Clare Swirski and Katherine Coates. Partner Nick Mace is handling tax matters, and Imogen Clark is advising on employment matters.
August 06, 2008 at 07:30 AM
1 minute read
Clifford Chance (CC) and Freshfields Bruckhaus Deringer have taken lead roles on the £753m sale of Barclays Life Insurance to Swiss Re.
The global insurance group (pictured) agreed to buy Barclays' insurance arm for £753m on Tuesday (5 August)
CC is advising regular client Swiss Re with a team led by London-based corporate partners Clare Swirski and Katherine Coates. Partner Nick Mace is handling tax matters, and Imogen Clark is advising on employment matters.
The Freshfields team is being led up by corporate partner Philip Richards with tax partners Sarah Falk and David Taylor. Corporate partner James Smethurst and competition partner Nicholas Spearing are also assisting.
Barclays Life is the combined life assurance business of Barclays and Woolwich in the UK, which ceased to accept new customer applications in 2001.
As of 31 May, 2008, Barclays Life managed approximately £6.8bn of assets in respect of around 760,000 policies, which will transfer to Swiss Re with the sale. The portfolio primarily comprises unit-linked life and pensions policies.
The sale is expected to be completed by 31 October, pending customary closing conditions such as regulatory approvals.
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