Client Assignments - Resolution & Phoenix Life

 

Resolution - Britannic Group of companies to Phoenix Life

Consultancy, Project Design & Management of Part VII Transfer & Capital Reductions

 

Advising on the overall project design, detailed Part VII & Capital Reductions processes and project managing the technical, regulatory and policyholder consultation aspects to transfer the newly acquired life businesses of a major acquisition into a single vehicle. Seven companies were involved in total with approximately 4.5m policyholders and over £30bn of funds being combined. Schemes were also required in three overseas jurisdictions. Both Scottish and English companies were involved requiring both Scottish and English Court approval. The transfer was successfully completed on schedule realising a reported gain of around £34m arising from the financial and other synergies of the reorganisation.

 

Resolution - Phoenix & London Assurance to Canada Life

Consultancy & Project Management of Annuity Portfolio Sale & Part VII Transfer

 

Managing technical, regulatory & policyholder consultation aspects & the implementation of a reassurance transfer agreement, including the transfer of around £1.5bn assets and 52,000 annuitants.

 

Resolution - Phoenix Life & Pensions to Prudential Retirement Income

Consultancy & Project Management of Annuity Portfolio Sale & Part VII Transfer

 

Managing technical, regulatory & policyholder consultation aspects & the implementation of a reassurance transfer agreement, including the transfer of around £2.2bn assets and 58,000 annuitants.

 

Resolution - Swiss Life, RSA Life & Bradford Insurance to Phoenix Life

Consultancy, Programme Design & Management of Part VII Transfer, Capital Reductions & Liquidation

 

Working closely with the Group Chief Actuary & Business Development Director, advising on the Part VII, Capital Reduction & Liquidation processes & managing the entire project to transfer newly acquired life businesses into a single closed fund consolidator vehicle. 4 companies were involved in total with approx. 1.8m policyholders and £7.3bn of funds being combined. Schemes were also required in 4 overseas jurisdictions. Capital reductions were effected for 4 companies and one company was liquidated. 

 

Client Comments

Ian Maidens, Director & Chief Actuary Resolution

 

"We have worked with Avanti Consulting for some 2 years during which time they have assisted us in successfully implementing 2 major business transfer projects, both of which were critical in delivering the benefits from our early acquisitions and creating value for shareholders. The projects were highly complex and their ability to understand and manage a wide variety of technical issues & resources was essential in achieving success, timely delivery & reduced risk."