Lovells advises Dutch group on insurance deal

Lovell White Durant is advising Dutch pension group Aegon on its multi-million pound purchase of Guardian Royal Exchange's life insurance operations.

Aegon has bought the GRE business from Sun Life and Provincial Holdings, the UK arm of French insurance group AXA, for u759m.

The 30-strong Lovells team is led by corporate partners John Young and John Davidson. The other partners involved are Lesley Ainsworth (competition), Lindy Golding (IT) and John Kitchin (investment management).

Davidson confirms this is the first time Lovells has worked for Aegon: “It came pretty much out of the blue. They approached us in June. Our market reputation is finally paying off.”

Sources claim Aegon may be looking to acquire more UK business and Lovells hopes to forge an on-going relationship with the Dutch group on the strength of the deal.

Slaughter and May is advising Sun Life and Provincial Holdings.

Lovells expects the deal to be completed by the end of September.