Pinsent Masons advises on the transfer of 1 billion euros of variable annuity contracts

Considered the largest portfolio transfer of the variable annuity business to have been approved by the Irish High Court, the transaction was completed on December 31. Pinsent Masons also advised Athora on a day one reinsurance agreement governed by Irish law providing for the transfer of the residual economic risk of the variable annuity business portfolio to a Monument Group reinsurer until its completion.

Pinsent Masons lead partner in the deal, Naoise Harnett, said:

“This transaction is significant not only for its scale, but also because it demonstrates that acquisitions of portfolios of variable annuity business in the Irish market are still possible provided the stringent requirements of the Central Bank of Ireland are met. respected.

We were delighted to be able to conclude this strategic transaction for Athora and to complete it as planned without any delays. The day one reinsurance agreement that was negotiated and concluded in this transaction is also noteworthy as it demonstrates the reinsurance expertise of Pinsent Masons’ Dublin-based Irish Commercial Lines team.

Tadhg Clandillon, CEO of Athora Ireland, said: “We will now focus exclusively on developing our reinsurance business and operations together with Athora’s Bermuda-based reinsurance company, Athora Life Re. growing demand for the innovative reinsurance solutions we can provide to European life insurers looking to implement capital actions or adopt strategic change.

The Pinsent Masons team working on this deal included: Naoise Harnett (Senior Partner, Commercial Insurance), Madhu Jain (Partner, Commercial Insurance), Niall Campbell (Senior Partner, Commercial Insurance), Stephen Gamble (Lawyer, Commercial Insurance) Companies), Andreas Carney (Partner, Technology), Ciara Ruane (Senior Partner, Employment), Aoibheann Duffy (Partner, Intellectual Property).

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