International legal practice Norton Rose has advised the RBS Group on the successful transfer of the insurance businesses of Churchill, Direct Line and NIG into UK Insurance Limited. The transfer was made pursuant to Part VII of the Financial Services and Markets Act 2000 and was sanctioned by the High Court on 5th December.
This is the largest general insurance portfolio transfer ever completed in the UK with the four insurance business together comprising in excess of 20 million policies.
Ashley Prebble, partner at Norton Rose, comments
"Nothing on this scale has ever been attempted in this market before. The successful conclusion of the work has proven that restructurings of this magnitude can be completed in a commercially viable way whilst safeguarding policyholder interests at all levels."
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