Part VII Transfers - IRLA

, VIIT ransfersMatthew Griffith NeilBrownJonathan Broughton JamesDickerson8 is a part VIItransfer? are people doingthem?a)lawyer s perspective (MatthewGriffith)b)commercial perspective (JamesDickerson) do you dothem?a)lawyer s perspective (NeilBrown)b)independent expert s perspective (JonathanBroughton)1. What is a part VIIT ransfer?2 Statutory method oftransferring insurance business between insurers3 part VII ofFSMAM andatory (for in scopetransfers)Protects policyholders viaPRA/FCA, Independent Expert & Court approvalWhat is a part VIItransfer? part VII of Financial Services and Markets Act20002. Why are people doing part VIIT ransfers?a) a lawyer sperspective4 Main uses of part Simplification, capital/regulatory efficiency,cost Brexit PRA Dear CEO letter April2017 Hard Brexit / transitionalarrangements2. M&A /transactional Buying and selling portfolios ofbusiness Legacymarket2. Why are people doing part VIIT ransfers?b) a commercialperspective6 Commercial drivers for theDisposerDisposerExit a marketor business lineDisposeof non-core businessImprove capital positionSimplify group structureSupport widerM&A strategyTake advantage of market dynamicSolvencyII7 CompellingcommercialopportunitiesRe-depl oy trappedcapital & managementexpertiseCommercial drivers for theAcquirerAcquirerCreate centre of excellenceEntera new marketEnternew business lineIncrease liabilities under riskIncrease investabl

Introduction 1 1. What is a Part VII transfer? 2. Why are people doing them? a) lawyer’s perspective (Matthew Griffith) b) commercial perspective (James Dickerson)

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