Travers Smith LLP has advised management of Guardian Financial Services, the UK life insurance consolidation business owned by private equity fund Cinven, on the sale to Admin Re, Swiss Re's unit active in the closed life book business, in a transaction valued at £1.6 billion.
Following acquisition by Cinven in 2011, Guardian Financial Services quickly grew to become one of the most active life insurance consolidators in the UK and Irish markets and the UK’s largest privately owned life insurance company. Guardian currently has £20 billion of assets under management and manages 900,000 policies. The acquisition of Guardian Financial Services will extend Admin Re’s position as a leading closed book consolidator in the UK, with over four million policies in force.
The transaction is currently subject to regulatory approval and is expected to be completed in early 2016.
The Travers Smith team, which advised management of Guardian Financial Services, was led by corporate partner Edmund Reed, who was assisted by corporate associates Alex Dixon, David Wall, Victoria Bramall and Lauren Causon. Tax advice on the transaction was provided by tax partners Russell Warren and Kathleen Russ and tax associate Camilla Southall. Partner Sian Keall and associate James Champness advised on employment law aspects of the deal.
Investment banking advisory firm Evercore provided corporate finance advice to Guardian.
Cinven was represented by Clifford Chance LLP. Linklaters LLP acted for Admin Re.