Delay to the proposed transfer of business from Legal & General to ReAssure
ReAssure and Legal & General have jointly agreed to defer the transfer, which was scheduled for 4 November 2019 (subject to High Court approval).
This means the High Court hearing to consider the transfer has also been deferred, and that ReAssure and Legal & General will also apply to adjourn the scheduled hearings in the Royal Court of Guernsey and Royal Court of Jersey. We don’t know the new dates for the transfer or High Court, Royal Court of Guernsey and Royal Court of Jersey hearings yet, but we’ll announce them on this website as soon as we do. The Independent Expert’s Supplementary Report will be available two weeks before the new High Court hearing date.
About the transfer
Legal & General Assurance Society Limited (“Legal & General”) has proposed to transfer its traditional insurance-based savings, pensions, life and with-profits policies to ReAssure under Part VII of the Financial Services & Markets Act 2000.
The transfer will significantly increase the size of ReAssure from approximately 2.2 million policies and £39 billion of assets under management to approximately 3.2 million policies and £67 billion of assets under management.
We’ve provided more information about the proposed transfer here.
