New York Life Advised by Pinsents on its Part in [pounds sterling]300 Million Plus Deal.

27 September 2004 - Leading global insurer, New York Life Insurance Company, has been advised by a specialist team at UK law firm, Pinsents, on the sale of its shareholding in Life Assurance Holding Corporation Limited (LAHC) to Swiss Re GB plc. New York Life is the largest mutual life insurance company in the United States, by assets and revenue.

In addition to acquiring New York Life's interests in LAHC, Swiss Re has bought out all other shareholders including St James's Place Capital, JP Morgan and Prudential in a deal worth over [pounds sterling]333 million in total. The acquisition provides additional scale for Swiss Re's Admin Re business in the United Kingdom.

The Pinsents team has worked closely with New York Life for a number of years advising on the structuring of its UK activities culminating in this sale. The team involved in advising on the share sale to Swiss Re was led by Tax partner, Ian Hyde, assisted by Corporate partner, Simon Gronow, and assistant, Michael Lakin.

For further information, please contact:

Clare Turnbull, Head of Communications,

Pinsents, on: 0845 300 3232 / mobile [phone]

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New York Life Insurance Company New York Life is a Fortune 100 company with over $202 billion in assets under management and over $15 billion in total revenues. New York Life and its affiliates offer life insurance, annuities and long term care insurance. New York Life Investment Management, LLC, a New York Life affiliate, provides institutional asset management, retirement plan and trust services. Other New York Life affiliates provide an array of securities and products and services, as well as institutional and retail mutual funds. New York Life has offices throughout the USA and, internationally, operates in Argentina, China, Hong Kong, Mexico, Philippines, India, Thailand, Taiwan and South Korea. It also has a representative office in Hanoi, Vietnam.

Life Assurance Holding Corporation Limited (LAHC), the holding company for Windsor Life Assurance Company Limited, was formed in 1994 as a specialist acquirer and consolidator of other life assurance companies. LAHC was owned by a group of investors including JP Morgan Partners, New York Life, St James's Place Capital, Prudential, Hermes, Munich Re and Invesco, who have sold 100% of their share capital in the transaction.

Pinsents

Pinsents is a top 20 UK law firm, ranked as a leading legal adviser to UK listed companies. The Financial Services & Insurance sector is one of the firm's strategic growth areas served by cross-discipline team of lawyers expert in the field who advise clients on issues ranging from corporate, tax, employment, insurance, pensions and banking to governance and dispute resolution.

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