The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Standard Life has turned to long-term adviser Slaughter and May in a deal that will see the life insurance giant offload annuity liabilities worth £6.7bn to Canada Life.
Slaughters partner Craig Cleaver is leading the team acting on the deal, which is expected to reduce the longevity risk on Standard Life's annuity book by £12bn.
Annuity life insurance contracts promise to make periodical payments to the policyholder until they die. Standard Life's outstanding liabilities have escalated significantly as life expectancy increases.
As life insurers are expected to reserve capital that is proportionate to their risk exposure, the deal will also cut the amount Standard Life is required to have in its reserves. Canada Life was represented by Herbert Smith corporate partner
Geoffrey Maddock. Standard Life's in-house team was led by associate general Peter Tyson. Following the demutualisation of Standard Life in July 2006 shareholders bore the longevity risk, while investment risk fell on its Heritage With Profits Fund.