AP&L is the joint venture between Achmea, the European financial services provider, and Sixth Street, established on 1 October 2025. Together, the transactions cover €8 billion in pension liabilities and approximately half of AP&L’s longevity risk exposure. The transactions represent a significant strategic milestone for AP&L, materially strengthening its capital position and providing additional financial capacity to support its growth in the Dutch pension buyout market and to enable it to further optimise its investment portfolio.

The Hogan Lovells team was led by London-based partner Jonathan Russell (Corporate Insurance/M&A) and Amsterdam-based partners Victor de Vlaam (Corporate Insurance/M&A) and Robert Masman (Finance) with support from a core team that included associates Blaise Salle and Zuzanna Krzyzos in London and senior associate Janelle de Ruiter and counsel Dylan Goedegebuure in Amsterdam. The wider team included colleagues from our corporate insurance, finance, data protection, employment & pensions and tax practices in London, Amsterdam, Munich and the US.

Commenting on the deal, partners Jonathan Russell, Victor de Vlaam and Robert Masman said: "We are delighted to have advised Achmea on these strategically important transactions and to help support its further growth and success. The Netherlands has been an increasingly busy market for longevity reinsurance solutions in recent years, and these transactions are a great example of Hogan Lovells’ position as one of the leading firms supporting clients looking to participate in that market, and of the strength and depth of our global insurance and reinsurance offering."