A series of five
connected Part VII and Section 13 business transfers

Case studies

How we helped a large insurer through a transfer of five portfolios and multiple jurisdictions. 

The background

A large insurance group, in response to Brexit and its wider strategic aims, proposed a series of business transfers. This included the transfer of five portfolios over four separate transfers under the jurisdiction of four different regulators.

Our solution

Our approach was to provide a team including an Independent Expert, an Independent Actuary and four peer reviewers. This enabled us to effectively coordinate the complex series of inter-linked transfers. We considered the impact on policyholders of each possible permutation of each transfer going ahead or not. This enabled our client to be well prepared in the event that any of the transfers were delayed or not sanctioned. We had regular touch points with the regulator in order to report on progress and discuss any issues that arose on the transfers in a timely fashion. This allowed us to respond quickly to regulator questions, helping to ensure that the transfers ran to schedule.

The outcome

All four transfers were successfully sanctioned. We prepared clear and succinct reports that allowed policyholders to understand the impacts of each transfer on them. This helped reduce the number of queries from policyholders and enable a smooth sanction of each transfer. Our client benefited from our proactive approach to interaction with regulators, helping to smooth the transfer process. This case study demonstrates our capacity to deal successfully with large and complex transfers, involving multiple regulators and many stakeholders.

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The key to a successful Part VII transfer are careful planning and clear communication.

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