The Work

August 5, 2008 4:57 PM

Freshfields, Clifford Chance on $1.5 Billion Reinsurance Acquisition

Posted by Nicole White

Swiss Reinsurance Company, the global reinsurance powerhouse, agreed to buy Barclays Bank's U.K. life insurance unit for $1.5 billion in cash, according to Reuters.

Swiss Re is tapping Clifford Chance on the deal. The team is led by corporate finance partners Clare Swirski and Katherine Coates. Nick Mace is handling tax issues, and Imogen Clark is advising on employment matters. The partners are being assisted by associates Emma Grimshaw and Andrew Tromans.

Barclays is looking to a Freshfields Bruckhaus Deringer team led by corporate partner Philip Richards. Assisting him are corporate partner James Smethurst and associates Edward McCarthy, Lauren Honeyben, and Kimberley Whitaker. Partners Sarah Falk and David Taylor and associate Jonathan Rosen are providing tax counsel. Nicholas Spearing and associate Richard Butterworth are advising on competition aspects, while associates Lindsey Canning and Olivia Wyld are handling IP/IT matters.

Since its 2003 acquisition of Zurich Life, Admin Reinsurance, the entity containing Swiss Re's portfolios of closed life insurance and health policies, has been expanding its presence in the U.K. reinsurance market. Barclays Life ceased to accept new customer applications in 2001, and will be incorporated into Admin Re.

The sale is expected to be completed by October 31, 2008, pending customary closing conditions such as regulatory approvals.

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