Multinational law firm Pinsent Masons Irish corporate insurance team has advised Athora Ireland plc (Athora) on its transfer of a book of variable annuity policies to Monument Life Insurance DAC, with assets under management valued at nearly 1 billion for circa 13,000 customers.
Believed to be the largest portfolio transfer of variable annuity business which has been approved by the Irish High Court, the transaction completed on 31 December. Pinsent Masons also advised Athora on a day one reinsurance agreement which was governed by Irish law and provided for the transfer of the residual economic risk of the book of variable annuity business to a Monument group reinsurer up to completion.
Pinsent Masons’ lead partner on the deal, Naoise Harnett said:
“This transaction is significant not only for its scale but because it demonstrates that acquisitions of books of variable annuity business in the Irish market are still possible provided the stringent requirements of the Central Bank of Ireland are met. We were delighted to be able to get this strategic transaction for Athora over the line and fully completed as scheduled without any delays. The day one reinsurance agreement which was negotiated and entered in this transaction is also noteworthy as it demonstrates the reinsurance expertise of Pinsent Masons Irish corporate insurance team based in Dublin.”
Tadhg Clandillon, CEO of Athora Ireland said: “We will now focus exclusively on developing our reinsurance business and...
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