Insurance

Part VII and Section 13 transfers

The key to a successful Part VII transfer is combining careful planning with clear communication.

Our experts help clients anticipate key issues, prepare thoroughly for each stage of the transfer and communicate clearly to regulators, policyholders and the Court, ensuring a smooth transfer process.

We have significant experience advising insurers on Part VII transfers (and Section 13 transfers in Ireland). Four of our partners have acted as the Independent Expert (IE - UK) or Independent Actuary (IA - Ireland) in recent transfers and we have a large team of consultants and analysts with experience in all aspects of the work.

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We have carefully developed our approach to help clients ensure a smooth Part VII transfer process

We focus on three key elements:

Thorough preparation at the outset, ensuring that the fundamentals of the proposed transfer are sound and helping clients to pre-empt the likely avenues of regulatory challenge.
An agreed plan for the collation and analysis of all evidence needed to support the IE/IA’s opinion, giving clients clarity on what is needed and time to prepare it.
Clear and concise IE/IA reports written in policyholder-friendly language, making it easy for the Court to understand the justification for the transfer.

This is a proven approach based on our learnings from many past transfers. The aim is to de-risk the transfer process for clients by communicating effectively with all stakeholders, including regulators and the Court.

LCP were invaluable in guiding us through the requirements of a Part VII transfer as our Independent Expert. Their knowledge and experience helped contribute to a smooth overall process and I would not hesitate at all to recommend them to others.

Legal Counsel for a client where we acted as the Independent Expert