Channel Island law firms, Ogier and Carey Olsen, have advised the two firms involved in the largest insurance deal in the UK in the past 15 years.
The acquisition of Friends Life Group, a London-listed Guernsey company, by Aviva, has created the UK's largest insurance, savings and asset management firm.
The combined group will have some 16 million UK customers – equivalent to about one in four households – and around £340bn of assets under management. The £5.6bn takeover of Friends Life is the largest insurance deal in the UK since the merger of CGU and Norwich Union in 2000, which created Aviva.
Ogier advised Friends Life Group on the deal, working with international law firm Linklaters LLP to bring the transaction to completion. The acquisition of Friends Life (formerly Resolution Limited), by way of a Guernsey scheme of arrangement, has involved Guernsey corporate, competition and insurance regulatory aspects, as well as work required to obtain approval for the scheme of arrangement from the Royal Court of Guernsey.
Ogier Partner, Advocate Caroline Chan led the Guernsey deal team, which included Managing Associate Andrew Munro. Ogier partner Advocate Mathew Newman, with assistance from Managing Associate Sally Peedom and Associate Erin Trimble-Cregeen, advised and appeared in the Royal Court for Friends Life on its scheme of arrangement applications.
A cross-practice and pan-Channel Island team from Carey Olsen advised Aviva on the acquisition. The Carey Olsen team was led by Guernsey corporate Partner Tom Carey who was assisted by Senior Associates Adrian Sarchet, James Stockwell and Natasha Kapp who advised on the Guernsey corporate, competition and insurance law aspects of the transaction, and David Allen who advised on the Jersey competition and insurance law aspects of the transaction.