Clifford Chance and Linklaters have been appointed to lead on reinsurer Swiss Re's acquisition of life insurance company Guardian Financial Services from private equity group Cinven.

Clifford Chance is advising long-standing client Cinven. Its team is being led by private equity head Jonny Myers.

He is being supported by corporate partners Narind Singh and Clare Swirski, banking and finance partner Faizal Khan, competition partners Alastair Mordaunt and Greg Olsen, tax partner Nick Mace, employment partner Mike Crossan and pensions partner Clare Hoxey.

Clifford Chance has won roles on a number of deals for Cinven recently.

In June, capital markets partner Robert Trefny led a team advising Coor Service Management and Cinven on Coor's SEK3.6bn (£280m) initial public offering.

Earlier this month Myers led a team acting for Cinven on the sale of UK-based pharmaceuticals company Amdipharm Mercury to Concordia Healthcare for $3.5bn (£2.27bn).

Linklaters is understood to be representing Swiss Re's closed life subsidiary, Admin Re, which is acquiring Guardian Financial Services.

Its team is being led by corporate partners Duncan Barber and James Wootton.

In July, Barber acted for AXA UK Group Pension Scheme on its longevity risk swap on £2.8bn worth of pensions with US insurance company Reinsurance Group of America.

Travers Smith is acting for Guardian's management on today's deal. Corporate partner Edmund Reed is the firm's lead adviser on the deal.

There has been a spate of deals in the insurance sector recently as the market has gone through a degree of consolidation.

Earlier this month, Linklaters advised Amlin as it was subject to a £3.5bn takeover bid from Japanese insurance company Mitsui Sumitomo Insurance Company, which turned to Skadden Arps Slate Meagher & Flom for advice.