Freshfields and King & Spalding advise on Equitable Life sale as policyholders see £1.8bn windfall

Magic circle firm takes first-time role for UK's oldest mutual life insurer

Freshfields Bruckhaus Deringer and King & Spalding have advised on the sale of Equitable Life – the UK’s oldest mutual life insurer – to European life assurance group Life Company Consolidation Group (LCCG).

The deal will see the company – which manages assets of £6.3bn – absorbed into LCCG’s UK-based life insurance arm, Reliance Life, with Equitable’s remaining 300,000 policyholders each receiving a share of a £1.8bn capital distribution.

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