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Corporate/Financial Services & Regulatory: Herbert Smith Freehills LLP and Mourant Ozannes acted for Friends Life Limited (FLL) in a court approved transfer of long term insurance business

Herbert Smith Freehills LLP and Mourant Ozannes worked together on an application for an order of the Royal Court of Guernsey for the transfer of long term insurance business from Friends Life Assurance Society Limited (FLAS), Friends Life Company Limited (FLC) and F&C Managed Pension Funds Limited (F&C) to FLL in respect of Guernsey resident policyholders (and in line with concurrent Jersey and UK applications), under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

An application was also made for an order of the Royal Court of Jersey for the transfer of long term insurance business from FLAS and FLC to FLL in respect of business carried on by the transferors in or from within Jersey (and in line with concurrent Guernsey and UK applications), under Article 27 of and Schedule 2 to the Insurance Business (Jersey) Law 1996.

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