Lorna Tennent

Corporate Partner, London

“I have extensive experience advising on complex transactions in the insurance sector. My practice covers all aspects of corporate insurance including public and private M&A, reinsurance, pension scheme de-risking and insurance regulation. My broad technical knowledge enables me to deliver high quality and commercially orientated advice."


Education and qualifications


Lorna is a corporate partner, and co-sector leader of the global insurance group. Lorna has a broad corporate practice with a strong focus on advising clients within the insurance sector, including on public and private M&A, joint ventures, capital markets transactions, reinsurances, distribution arrangements and pension scheme de-risking buy-in and buy-out transactions. Lorna also advises on insurance regulation including the impact of the Solvency II Directive and the UK leaving the EU.

Based in London, Lorna has also spent six months seconded in the firm’s Tokyo office.

Work highlights

Lorna has advised on a number of significant transactions in the insurance sector. Recent experience includes acting for: 

  • Rothesay on Blackstone’s exit, valuing the business at nearly £6bn
  • Utmost Life (formerly Reliance Life) on the Part VII transfer of the Equitable’s UK life and pensions business, including unitisation of the transferring with-profits business
  • Rothesay on the reinsurance and acquisition of £12bn of non-profit annuities from Prudential Assurance Company Limited and on the buy-out of an international investment bank
  • AXA on the proposed sale of AXA Life Europe to Cinven
  • the M&S Pension Scheme trustee on two buy-in contracts totalling £1.4bn of liabilities
  • Athora on the acquisition of Aegon Ireland
  • Swiss Re’s ReAssure business on its acquisition of Guardian Assurance from Cinven and management of Guardian Assurance

Outside of the insurance sector, Lorna’s broad corporate practice has included acting:

  • on the sale by Anglo American of its niobium and phosphates businesses in Brazil and on the acquisition by SMBC of GE’s European sponsor finance business
  • on the takeovers of TSB Banking Group, Aegis Group and Domino Printing Sciences
  • on the IPOs of TSB Banking Group, Royal Mail and Saga and on secondary issues by Lloyds Banking Group and DFS Furniture

Education and qualifications

Lorna received a B.A. (law) and LL.M from Peterhouse, University of Cambridge.