Freshfields advises Equitable Life on the sale of its business to Reliance Life, a subsidiary of LCCG
Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised The Equitable Life Assurance Society (‘Equitable Life’) on the sale of its entire business to Reliance Life Limited, a subsidiary of Life Company Consolidation Group (‘LCCG’).
Equitable Life was established in 1762 and is the oldest mutual life assurance company in the UK. It has over 300,000 policyholders and has £6.3 billion funds under management. It closed to new business in 2000. Reliance Life is part of LCCG, a specialist life assurance group, which is focused on the international life market and on the management of in-force policies. LCCG’s business is backed by funds managed by Oaktree Capital Management.
As part of the transaction, it is expected that Equitable Life’s policies will transfer to Reliance Life under a Part VII transfer and its with-profits policies will be converted to unit-linked policies under a scheme of arrangement, with policyholders benefiting from an increase in Equitable Life’s current expected capital distribution. The transaction is subject to member, regulatory and Court approvals, and is expected to close towards the end of 2019.
The Freshfields team is led by partner George Swan with support from counsel Lauren Honeyben and senior associate Ellie Dunne. Dispute resolution advice is being provided by partners Neil Golding and Craig Montgomery supported by senior associate Dan Butler. The Freshfields team worked closely with the Equitable Life legal team on the transaction led by Head of Legal Services, Alison Jones.
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