A multi-disciplinary team from independent UK law firm Burges Salmon has advised specialist lender Hodge Limited on the sale of 100 per cent of the share capital in its subsidiary Hodge Life Assurance Company Limited to Reinsurance Group of America, Incorporated. Completion of the transaction is subject to regulatory approval.
The sale will see the Hodge Group withdraw from the equity release market in order to focus on scaling its specialist mortgage lending business, of which its later life lending remains a key part.
The Burges Salmon team advising on the transaction was led by the firm’s Corporate and Financial Institutions team, with support from senior associate Julie Book and solicitor Dan Wood, and alongside specialists from the firm’s Tax, Employment, Pensions, Commercial and Real Estate teams. Fenchurch Advisory Partners acted as financial adviser to the Hodge Group.
David Landen, Hodge Group CEO says: “This is a significant transaction for Hodge; allowing us to focus and grow across our specialist markets through Hodge Bank. Later life lending remains a key part of our business and we will continue to evolve and develop our product range.”
Julie says: “The sale of Hodge Life Assurance Company Limited will allow the Hodge group to concentrate on the growth of its specialist lending business. We are pleased to have supported Hodge on this transaction and to have built on our existing relationship with the Hodge team.”