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.