11 February 2005 – LAWFUEL – The Law News Network – Allen & Overy has won the Legal Business award for the financial services and insurance team of the year for its role in advising Royal & SunAlliance on the ground breaking sale of its UK life operations to Resolution Life Group. The disposal completed Royal & SunAlliance’s
strategy of exiting from the life business and focusing on general
insurance.
Michael McDonald, corporate finance partner in A&O’s
Financial Institutions Group, who led the team, was assisted by senior
corporate associate George Knighton and corporate associates James Gilbert,
Caroline Mylward, Stephen Mathews and Gavin Weir. Also assisting were
Stella Cramer (IT/IP), Kate Logan (IT/IP), Daniel Gerring (pensions), Julia
Gorham (employment), Adam Blakemore (tax) and Gareth Banfield (tax). Philip
Jarvis (Head of the Insurance Group) provided insurance regulatory advice.
Also involved were partners Mark Wippell (corporate), Carol Hopper (real
estate), David Lewis (tax), Derek Sloan (pensions), Mark Mansell
(employment), Sylvie Watts (incentives), Simon Roberts (banking) and Colin
Pearson (IT/IP).
Michael McDonald comments: “We are pleased to have won this
award for our role in assisting Royal & SunAlliance on this important
transaction. This was a transforming transaction in the UK life insurance
sector as it represented the first major sale of a closed life insurance
group to a newly formed consolidator in the closed book sector. Three other
deals in the closed book sector quickly followed after this transaction led
the way. The multi-product global Financial Institutions Group at Allen &
Overy advises on many of the most significant and complex transactions
involving financial institutions across the world. Its market knowledge and
leading regulatory and transactional skills ensure the optimum solution for
these often complex transactions.”
For further information, please contact Jo Shepherd
(jo.shepherd@allenovery.com) in London on +44 (0) 20 7330 2915 or on +44
(0)7771 896 290.
