Portfolio Transfers


If an insurance company wants to sell, move or merge a portfolio of its business, it often follows a legal process known as a Part VII transfer.  David has been involved in a number of these processes:

  • In 2004/5, David led a successful project to merge 5 Life companies together, combining around £40bn of assets.  This resulted in a huge capital saving.
  • In 2007/8, David led a project, resulting in the sale of nearly £4bn of annuity business.  This was followed by a Part VII transfer of the business to a third party which David oversaw.
  • Between 2009 and 2011, David headed the UK part of a project looking to transfer a very large UK portfolio to the balance sheet of a company in another European country.  Cross border Life business transfers were virtually unheard of at the time.  In the end the transfer did not go ahead due to changes outside of the control of the project
  • In 2011, David looked at the possibility of transferring the business of various companies in different EU countries into the UK, using a combination of cross border mergers and portfolio transfers.  While an approach was found, the crisis in the Euro-zone made such a transfer unacceptable at that time.

Portfolio transfers are complex projects involving demonstrating that the transfer is safe to:

  • An independent expert
  • All regulators involved
  • Ultimately the High Court of England
  • Writing to thousands/millions of customers
  •  to explain a very complex process and argument as to why a transfer is safe, in language that the average customer can understand

English high court where Portfolio transfers are approved

  • Then responding to and documenting their comments, via phone, email or letter.
  • Changing IT systems and marketing literature to reflect the change in ownership of new and or existing policies.

David has a proven track record of delivering such projects, involving large and diverse project teams, including Actuaries, Lawyers, Accountants, IT professionals and Customer Communications Experts. As a result David has developed skills in all of these areas.


 English high court where Portfolio transfers are approved