Corporate, commercial and employment lawyers from Shoosmiths have helped client Fortis Insurance forge a new partnership with Tesco Personal Finance to provide insurance products.
A large team from the national law firm played a key role as Fortis Insurance and Tesco Personal Finance entered into a joint venture agreement, creating Tesco Insurance.
Sean Wright, partner and head of corporate finance in the south, and fellow corporate partner Stephen Porter led the deal. Corporate solicitors Sharon Everard, Susie Porter and Jonathan Cathie assisted them.
Underlying commercial contracts were dealt with by partner Jon Bartley and associates Rachel Clarke and James Armstrong.
The team also included partner Helena Derbyshire and associate Louise Randall (employment), partner Nick Fenner and associate Tracey Huxley (intellectual property), and partner Peter Andrews and associate Sarah Livestro (competition).
Wright said: “This lengthy and often highly complex agreement has once more demonstrated our strength-in-depth, and working in tandem with the Fortis in-house team led by head of legal Elizabeth Belbin has shown our ability to dovetail seamlessly with clients.”
More than 1,500 UK jobs will be created by the new entity, which will provide motor and household insurance. It will be owned 49.9% by Tesco Personal Finance and 50.1% by Fortis Insurance.
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