Allen & Overy LLP advised Frankfurter Leben Group on the acquisition of the life insurance portfolio of the German branch of Basler Leben AG (Switzerland).

The portfolio comprises more than 100,000 policies with a total amount insured of EUR 2.6 billion. The transaction is still subject to clearance by the regulatory authorities.

In the context of this acquisition not only the insurance policies but also the staff handling the portfolio as well as the entire operations infrastructure are to transfer to Frankfurter Leben Group. Frankfurter Leben Group intends to establish itself permanently as a leading specialist consolidation platform in the German life insurance market. The business purpose of the Group exclusively consists in acquiring life insurance companies or portfolios that are already in run-off or are to be put in run-off.

The Allen & Overy team was jointly led by partner Dr. Jan Schröder and senior associate Dr. Achim Schmid and comprised counsel Anne Fischer (all Corporate/M&A and Insurance Regulatory, Düsseldorf) as well as partners Dr. Hans-Peter Löw (Employment, Frankfurt) and Dr. Jens Matthes (IP, Düsseldorf) and senior associates Dr. Sebastian Schulz (Employment, Frankfurt) and Miray Kavruk (IP, Düsseldorf).