Slaughter and May advised Chesnara plc on the Part VII Transfer of a portfolio of life insurance policies from Canada Life Limited to Countrywide Assured plc

Slaughter and May advised Chesnara plc (“Chesnara”) on the transfer of certain life insurance policies from Canada Life Limited to Chesnara’s UK subsidiary Countrywide Assured plc (“Countrywide”), pursuant to an insurance business transfer under Part VII of the Financial Services and Markets Act 2000 (the “Part VII Transfer”).
 
Under the terms of the Part VII Transfer, Countrywide acquired a book of ca. 37,900 individual life assurance protection policies, including policies with critical illness benefit. 
 
The Part VII Transfer was sanctioned by the High Court on 3 February 2025 and became effective on 23 February 2025.