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Allen & Overy advises Frankfurter Leben on the takeover of a life insurance portfolio from a German mutual insurance association

Allen & Overy has advised Frankfurter Lebensversicherungs AG (Frankfurter Leben) on the takeover of the insurance portfolio and assets under management of EUR 150m from Landeslebenshilfe VVaG (LLH).

LLH has not been underwriting any new business since 2020 and, like many life insurers, faces shrinking portfolios and increasing fixed costs at the same time. With this transaction, the insurance portfolio is transferred to a platform that will be future-proof in the long run, thus ensuring its continuation in a manner beneficial to all customers.

The transfer of the portfolio to Frankfurter Leben is still subject to the consent of the meeting of member representatives of LLH, approval by the German Federal Financial Supervisory Authority (BaFin) and the issuance of advance rulings by the tax authorities.

With this transaction, the Frankfurter Leben group is able to further strengthen its role as a specialised life insurance and pension products consolidation platform. This is the sixth transaction overall, and the second in 2023, in which the Frankfurter Leben group takes over an insurance portfolio.

The Allen & Overy team was led by partner Dr Jan Schröder (Corporate/M&A, Düsseldorf) and counsel Dr Achim Schmid (Corporate/M&A, Düsseldorf, joint transaction management). They were assisted by associate Saber Baratzadeh (Corporate/M&A, Düsseldorf), partner Dr Heike Weber and associate Sören Rathjens (both Tax, Frankfurt) and senior associate Catharina Glugla and associate Pascal Yves Schröder (both Data Protection, Düsseldorf).