Hogan Lovells Advises Barclays and Lloyds TSB on Major Insurance M&A Financing
27 January 2011
LONDON, 27 January 2011 - Hogan Lovells has advised Barclays and Lloyds TSB on the financing for the acquisition by Catalina Holdings of Glacier Re, the Swiss-based reinsurance company in run-off.
The transaction is expected to complete in the first quarter of 2011, subject to Swiss regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA). The purchase price, although undisclosed, was at a discount to Glacier's net asset value of $374m As at 30th September 2010, Glacier Re had total assets of $1.2bn and following the acquisition it will give Catalina total assets of $2bn.
London Banking partner Stuart Brinkworth, assisted by senior associate Neki Suharan, led the Hogan Lovells team acting on the financing. Commenting on the transaction, Stuart Brinkworth said:
"We are very pleased to have been involved in this transaction. This type of deal plays very much to the firm's strengths in both Finance and Insurance and represents a large step forward for us in acting for the Corporate Markets team at Lloyds TSB in particular."
Catalina Holdings were advised by Allen & Overy Milan Finance Head, Paul Flanagan.
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