Court of Appeal overturns High Court’s refusal to sanction the transfer of Prudential’s annuity business to Rothesay

On 2 December 2020, the Court of Appeal overturned a decision by Snowden J in 2019 refusing to sanction the proposed transfer of c.£12.9bn in annuity liabilities from The Prudential Assurance Company Limited (PAC) to Rothesay Life (Rothesay). This is the first time the Court of Appeal has considered the approach the court should adopt in dealing with applications to sanction transfers of insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA).

Related briefings

Truck cartelists’ appeal on preliminary issue dismissed

On 19 July 2016 the European Commission decided that a number of truck manufacturers had infringed competition rules by collusive arrangements on pricing and gross price increases in the EEA for medium and heavy trucks, and on the timing and the passing on of costs for the introduction of mandatory emission technologies.

BHP successfully applies to strike out 200,000 claims as abuse of process

In the recent decision of Municipio de Mariana v BHP Group plc [2020] EWHC 2930 (TCC), Turner J has struck out, as an abuse of process, the claims of 202,600 Claimants arising out of the collapse of the Fundão Dam in Brazil. The claims had been brought in England against BHP Group plc and BHP Group Ltd. This was understood to be the largest ever group claim in England (by number of individual claimants).

Enka v Chubb: Supreme Court judgment on the proper law of arbitration agreements

By Niranjan Venkatesan In a landmark judgment that is likely to become the leading authority in this area, the Supreme Court has addressed the principles for ascertaining the proper law of an arbitration agreement and the role of the court of the seat of arbitration in granting anti-suit injunctions. Enka, the claimant, agreed in 2012 to […]

Latest Briefings

Taking time off to look after dependants

Understanding what employees’ rights are and how this should be handled by employers has never been more important as we reach the peak of the pandemic.

Material adverse change clauses – draft carefully

The unprecedented situation that the coronavirus pandemic has delivered to global commerce has impacted on a variety of contractual issues related to non-contentious day-to-day transactions.

An employment guide to lockdown 3.0

With COVID-19 taking hold once more, the government has put the UK under a third lockdown, forcing all non-essential shops to close once again.

BVI update: “Black Swan” legislation passed

On 31 December 2020, the BVI House of Assembly passed the so-called “Black Swan” Bill amending section 24 of the Eastern Caribbean Supreme Court (Virgin Islands) Act (Cap. 80) so as to confer jurisdiction on the BVI Court to grant interim relief in support of foreign proceedings.


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