The London office of Debevoise & Plimpton LLP has advised Argenta Holdings plc (“Argenta”) in its agreement to dispose of the entire share capital of the company to Hannover Re.
Argenta owns Lloyd’s managing agent Argenta Syndicate Management Limited (“ASML”) and Lloyd’s members’ agent, Argenta Private Capital Limited (“APCL”). ASML manages Lloyd’s Syndicate 2121 which has a stamp capacity for 2017 of £300 million.
APCL currently supplies almost £1.8 billion of investor capacity to the Lloyd’s market.
Hannover Re, with gross premium of €16.4 billion, is the third-largest reinsurer in the world.
The transaction is expected to close in the third quarter of 2017, subject to all necessary approvals. Goldman Sachs is acting as financial adviser to the selling shareholders.
The Debevoise team advising Argenta was led by of counsel Jeremy Hill, and included associate Thomas Matthews. Tax advice was provided by London partner Richard Ward. Employment advice was provided by associate Christopher Garrett.
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