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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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Hogan Lovells combines the breadth of business-oriented legal advice and high-quality service that clients have come to expect through working with its two founding firms – Hogan & Hartson and Lovells.

"Hogan Lovells" or the "firm" refers to the international legal practice comprising Hogan Lovells International LLP, Hogan Lovells US LLP, Hogan Lovells Worldwide Group (a Swiss Verein), and their affiliated businesses, each of which is a separate legal entity. Hogan Lovells International LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG. Hogan Lovells US LLP is a limited liability partnership registered in the District of Columbia.

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