New date for the transfer of business from Legal & General to ReAssure
ReAssure and Legal & General have agreed a new transfer date of 6 April 2020 (subject to High Court approval). This was originally set for 4 November 2019.
This means the High Court hearing to consider the transfer will now take place on 9 March 2020.
Similarly, the Royal Court of Jersey hearing and the Royal Court of Guernsey hearing will both take place on 20 March 2020.
Any changes to these dates will be confirmed at reassure.co.uk/LGAS-transfer.
The Independent Expert’s Supplementary Report will be published on this website 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.
Will the sale of ReAssure to Phoenix affect this transfer?
Swiss Re has announced the sale of ReAssure to Phoenix Group Holdings, subject to regulatory approval. We don’t expect this will have any direct impact on the transfer from Legal & General to ReAssure.
The ongoing transfer process will take the proposed sale into account and the Independent Expert will add comment in his Supplementary Report.
Check this website for further updates on the sale to Phoenix.
