Clifford Chance

Clifford Chance advises LV= on its transaction with Teachers Assurance

Leading international law firm Clifford Chance has advised LV= on its agreement with Teachers Provident Society, which trades as Teachers Assurance, to take over the majority of its business interests. The transaction is subject to regulatory and Teachers Assurance member approval.

LV= is the UK’s largest friendly society and a leading insurance company. LV= manages £10.3 billion of assets on behalf of its members and policyholders and offers a range of investment, insurance and retirement products.

Teachers Assurance, like LV=, is a member-owned mutual friendly society and provides tailored financial products and services to the education profession. The society operates complementary business lines to LV= in life and pensions, savings and investments plus general insurance. The transaction will therefore enable LV= to add to its existing customer and member base of 5.5 million.

The deal with LV does not include Teachers Assurance’s unit trust business. Instead, Teachers Assurance has reached an agreement to transfer the business of those funds to Threadneedle Investments.

Ashley Prebble, partner in Clifford Chance's corporate insurance practice commented; "We are delighted to have the opportunity to support LV= on this strategic transaction which will help the company to continue to grow the life part of its business."

Clifford Chance's team was led by Corporate Partner Ashley Prebble with support from Employment Partner Imogen Clark, Senior Associate Hugo Laing and Associate Tamara Brittan (Corporate Insurance).