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Clifford Chance advises Cinven on the sale of Guardian Financial Services to Admin Reinsurance

23 September 2015

Clifford Chance advises Cinven on the sale of Guardian Financial Services to Admin Reinsurance

International law firm Clifford Chance has advised Cinven, a leading European private equity firm, on the sale of Guardian Financial Services ('Guardian'), a UK life insurance consolidation business, to Admin Reinsurance ('Admin Re') with an enterprise value of £1,610 million. Admin Re is the closed life business owned by Swiss Re.

Cinven acquired Guardian in November 2011 from Aegon. Following the acquisition, Guardian has become the UK's largest privately owned life insurance company with £19.5 billion of assets under management, it has also seen its traditional embedded value increase by 450% to £1,810 million (as at 30 June 2015) from £330 million in December 2010.

The cross-practice team advising Cinven on the sale was led by Global Private Equity Head Jonny Myers, with support from Corporate Partners Narind Singh and Clare Swirski, Banking and Finance Partner Faizal Khan, Antitrust Partners Alastair Mordaunt and Greg Olsen, Tax Partner Nick Mace, Employment Partner Mike Crossan and Pensions Partner Clare Hoxey. Senior Associates supporting Jonny Myers included Christopher Sullivan, Liz Pierson and Martin Griffiths, Associates Edward Holmes, Raghib Masrur, George Lyons and Catherine Conway also advised.