GE Capital Europe

Canaccord Genuity advised GE on the sale of its UK life insurance and pensions business, GE Life, to Swiss Re for a total consideration of £465mlion announced on 13 October 2006. This was the culmination of an auction process undertaken during 2006 amongst a broad range of potential acquirers.

GE Life is a provider of niche retirement products in the UK market, offering enhanced annuities, equity release and pensions. The business also administers a closed pensions book. In total, GE Life managed £8 billion of assets as at 31 December 2005, representing approximately 400,000 policies.

The transaction builds on Canaccord Genuity's successful track record in the life and pensions area, including the listing of Chesnara in 2004, the acquisition of Xafinity (formerly Hogg Robinson's pension businesses) by Duke Street Capital in 2005 and the £500mlion private fundraising to create Paternoster in 2006.

Canaccord Genuity acted as sole financial advisor to GE on the sale.