BLG provides swift results on Abbey Life divestment

Barlow Lyde & Gilbert (BLG) has picked up a choice mandate for reinsurer Abbey Life Assurance Company on a £1.5bn insurance portfolio sale to Pacific Life.

The deal was completed within a month, despite there being two bidders on the transaction, meaning the firm had to work on two matching sets of ­discussions.

James Parker, head of life, annuity and pensions ­transactions at BLG, led on the deal.

He said: “It’s testament to all involved that, in spite of the technical complexity
of the deal and Abbey Life undertaking parallel ­negotiations with two ­reinsurers, we were able to conclude the transaction within four weeks.”

The transaction will help Abbey Life minimise its longevity risk as life expectancy in the UK increases.

Pacific ;Life ;used ;its in-house team on the deal.

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