Tax issues on stake sales and investment into managers: structuring, pitfalls and steps to take now
About
Andrew is a corporate insurance lawyer with expertise in a wide range of insurance transactional and advisory work. He is a leading practitioner in the field of insurance de-risking solutions for defined pension schemes.
Andrew has broad experience of specialist insurance and reinsurance transactions as well as corporate and commercial matters in the insurance sector. He regularly advises insurers, reinsurers and pension schemes on complex defined benefit pension risk transfer transactions including longevity swaps, bulk annuity transactions (pension scheme buy-ins and buy-outs) and associated collateral structures. He has extensive experience advising on insurance M&A transactions, M&A insurance (W&I policies), regulatory matters and commercial insurance policy negotiation. He is a recognised expert on director liability protection, including director & officer (D&O) and associated director indemnification issues.
Andrew is Editor of Butterworths Insurance Law Handbook (15th edition) and a contributor to the ICSA Directors’ Handbook – chapters on D&O Insurance and director indemnification. Andrew is individually ranked in Chambers and Partners UK for Insurance: Non-contentious.
Andrew is a member of the City of London Law Society Insurance Law Committee.
Experience
- Advising Legal & General on its c.£1.6bn bulk annuity transaction with the trustees of the BP Pension Fund.
- Advising Zurich Assurance Ltd on transition of longevity swap for the Skanska Pension Fund.
- Advising Legal & General on its c.£1.6bn buy-in with the trustees of the BP Pension Fund.
- Advising Zurich Assurance Ltd on transitioning its existing longevity swap with the National Grid Electricity Group of the Electricity Supply Pension Scheme to Aviva, as part of arrangements for a £1.7bn pensioner buy-in by the National Grid Electricity Group.
- Advising several major international insurers and reinsurers on collateralised longevity reinsurance arrangements.
- Advising Legal & General on its £1.6bn buy-in with the trustees of the National Grid UK Pension Scheme.
- Advising Legal & General on a £900m buy-in with the ICI Pension Fund, securing the benefits of over 7,000 retirees.
- Advising a leading insurer on its funded reinsurance transaction with an international reinsurer, including in connection with illiquid asset classes.
- Advising Legal & General on a £370m buy-in with the BAL section of the TUI Group UK Pension Trust.
- Advising Legal & General Assurance Society Limited on its £760m buy-in for the members of the Sanofi pension scheme.
- Advising Legal & General on its £1.1bn bulk annuity transaction with the Trustee of Maersk Retirement Benefit Scheme.
- Advising Legal & General on its buy-in with London Heathrow’s BAA Pension Scheme.
- Advising Legal & General Assurance Society Limited on its c.£650m buy-in for the members of the Mitchells & Butlers Executive Pension Plan.
- Advising Legal & General on its £650m bulk annuity transaction with 3i Group Pension Plan.
- Advising SCOR Global Life SE regarding collateralised longevity reinsurance.
- Advising RSA on the disposal of its participating interest in the Global Aerospace aviation insurance pool, the acquisition of its CEE motor insurance business and the disposal of its closed-book legacy inwards reinsurance business.
- Advising on two separate FSMA section 166 “skilled person” exercises including a review of governance of a major UK life insurance group and in respect of a proposed domestication of a with-profits overseas branch.
- Advising various clients in respect of director indemnification and D&O insurance.
- Advising Legal & General Assurance Society Limited on its c.£930m full buy-in for the members of the Tate & Lyle pension scheme.