Hogan Lovells assists SCOR with VIF (Value of In Force) life reinsurance deal


Global law firm Hogan Lovells assisted French reinsurer SCOR on its recent life reinsurance transaction. Hogan Lovells acted as an advisor to SCOR on the deal which saw SCOR Global Life Reinsurance Ireland plc, an Irish subsidiary of SCOR Global Life SE, enter into a life reinsurance transaction with leading Spanish life insurance company, BBVA Seguros. The deal took the structure of a value-of-in-force (VIF) quota share life reinsurance transaction.

The transaction was the largest of its kind to be completed in Spain. BBVA Seguros SA de Seguros y Reaseguros (“BBVA Seguros”) entered into a 90% quota share reinsurance agreement with the reinsurance entity SCOR Global Life Reinsurance Ireland PLC covering BBVA Seguros’ life insurance portfolio in Spain in force as at 31 December 2012.

Hogan Lovells legal teams from London, Spain and France all worked together to advise SCOR on the transactions underlying reinsurance agreement and the related collateral packages required for the deal. This enabled SCOR to act as reinsurer of a block of mortality insurance policies from BBVA Seguros which cover the traditional benefits of mortality and permanent disability under mortgage and consumer loan protection policies.

Lead partner Joaquin Ruiz Echauri commented on the deal; “This deal was a tremendous opportunity for SCOR and we were delighted to have the opportunity to work with SCOR and to demonstrate our expertise in VIF reinsurance transactions in the largest deal in Spain of this kind.”

The Hogan Lovells team advising on these transactions was led by insurance partners Joaquin Ruiz Echauri and Victor Fornasier, and banking & finance partner Andrew Taylor. Showing how complex a deal like this is, the team also included partners Joe Bannister (restructuring & insolvency), Sébastien Gros (financial institutions), Casto González-Paramo (competition), José Luis Vázquez (banking & finance) and Miguel Ángel Sánchez (tax). Associates on the deal included Isabel Fons, Felipe Vazquez, Miguel Angel Peris, Juan Garicano, Jaime Bofill, Macarena Correa and Virginia Martinez in Madrid, and Clare Douglas and Sarah Johnson in London.

A separate Belgian law firm, Altius (Johan De Bruycker and Kasper Van Landeghem), also advised SCOR for this transaction on the Belgian legal aspects.

Read our article from last Monday which contains more details on this transaction.

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