Client Assignment - Chesnara
Chesnara - Direct Line Life Insurance to Countrywide Assured
Part VII Transfer Programme & Project Management
Programme & project management of the Part VII transfer and integration of Direct Line Life Insurance (renamed Protection Life Company Limited) following the acquisition by Chesnara in November 2013. The transferring business contained Payment Protection Insurance (PPI) cover which proved particularly challenging. Avanti Consuting managed both the overall programme as well as individual workstreams, providing an all-round service. Working directly with the CEO, Avanti Consulting managed all external advisors and liaison with PRA & FCA. The transfer was successfully completed on target, obtaining extensive mailing waivers, transferring approx. 330,000 policyholders and delivering over £27m of additional value for Chesnara.
Chesnara - City of Westminster Assurance to Countrywide Assured
Part VII Transfer Consultancy & Project Design
Providing consultancy advice to the Chief Executive & internal project manager on the overall Part VII & capital reduction processes to transfer a newly acquired life company into the main life operation. Approx. 90,000 policyholders & £844m of assets were transferred. An advisory role was played with key input to the project design, structure, planning & corporate governance. Quality assurance & ongoing monitoring was achieved via membership of the project Steering Committee.
Graham Kettleborough, CEO, Chesnara plc, UK Life company consolidator
"Paul provided significant and valuable project management and technical input into our Part VII transfer of Direct Line Life. There were significant challenges, in particular managing the PRA and FCA, and also in procuring extensive mailing waivers from the regulators. This without detriment to clients and with significant cost savings. Perhaps the best endorsement I can give is to simply say that we wouldn't have completed the project without Paul’s input and sustained drive."
"We invited Avanti Consulting to advise us on the project design, planning & delivery of a substantial business transfer of City of Westminster Assurance. This helped to accelerate the project setup as well as providing expert technical guidance throughout and enabled more effective use of our advisors and internal resources. I was delighted with the end result - a successful and well executed service which helped in significantly enhancing our bottom line."
Michael Livingston, Partner, Maclay Murray & Spens LLP
“I worked closely with Paul on a substantial transfer scheme in 2014. From my perspective, as a lawyer, it was a good arrangement. Sometimes, entirely understandably, clients just don’t have the time and resources to fully manage occasional large, multi-faceted, projects such as transfer schemes. That can sometimes lead to problems such as poor communication, failure to pick up on potential issues, and timetable slippages. Paul made sure that the project ran smoothly and on time. He is very organised, tenacious and thorough. He knows the insurance sector as well as the Part VII transfer regime very well. He’s also a very pleasant man to work with, which always helps.”