Appleby is proud to have acted as Isle of Man legal counsel to Zurich International Life Limited on the sale of its closed book of long term life insurance business carried on by its Singapore branch to Monument International Life Insurance Company Limited, part of the Monument Re Group.
The transfer was carried out using a scheme of transfer under the Insurance Act 2008 of the Isle of Man, as well as a scheme of transfer in Singapore. Following receipt of all necessary regulatory approvals, the scheme was sanctioned by the Isle of Man Court on 20 September and became effective on 1 November.
The cross-department Appleby team consisted of Corporate partner Juan Thornley and counsel Katherine Garrood, and Dispute Resolution practice head Mark Holligon and counsel Claire Corkish and Keira Gore.