Changing demographics of the ageing population combined with a lack of government funding for long-term residential care are fuelling the impaired life insurance market, according to a partner at Clyde & Co.
James O’Shea, a partner at the law firm that advised Partnership Group Holdings (PGH) and Phoenix Equity Partners on the £150m sale of Partnership’s majority shareholding to Cinven, speaks of the importance of the market in which PGH operates. “Cinven's investment, its first in the insurance and financial services sector, is a testament both to the quality of the PGH management team and the significance of this market,” he says. In 2005, Clyde & Co advised on the demutualisation and management buyout, backed by Phoenix, of the Pension Annuity Friendly Society (PAFS), PGH's predecessor. ...
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