Linklaters and Norton Rose have won hotly-contested places on Prudential Group's new global legal panel following a five-month competitive tender process.

The review, which kicked off in October and closed last month, also saw legacy advisers Slaughter and May, Freshfields Bruckhaus Deringer and Hogan Lovells reappointed.

Cleary Gottlieb Steen & Hamilton was reappointed to the panel to provide US law advice on the back of a longstanding advisory relationship, while Baker & McKenzie has been retained to advise on employment matters.

The review was led by Prudential group general counsel Margaret Coltman – who joined in 2009 from Lloyds Banking Group having previously served as a partner at Norton Rose – alongside director of group legal Simon Ramage.

One relationship partner commented: "In its last review in 2006, Prudential cut its advisers from approximately 80 firms, and the motivation for the latest review was to give the insurer more global law firms to choose from for its big-ticket transactions."

Another said: "The Pru has been involved in some huge deals in recent years. The two new additions to the roster will add pricing pressure for the legacy firms."

The insurer is also set to review its dedicated UK panel, which is overseen by new recruit Guy Dunlop, who joined the insurance giant in November as its UK head of legal. In the UK, Prudential regularly uses Berwin Leighton Paisner and CMS Cameron McKenna as well as its global panel firms.

Last year, Slaughters took the lead role for Prudential on its high-profile bid to purchase the Asian assets of AIG for more than $35bn (£23.3bn).