Debevoise & Plimpton LLP has advised on a flurry of Lloyd’s-related transactions in the opening months of 2019, as London’s specialist insurance and reinsurance market witnesses a significant upswing in corporate activity.
While M&A in the Lloyd’s market has previously been driven in large part by the entrance of international acquirers, recent deal activity has predominantly come from moves towards consolidation by existing players. There has also been an increased appetite from private equity sponsors to acquire Lloyd’s businesses and assets, adding to the current wave of activity.
Debevoise’s insurance practice, which has decades of experience on the world’s most complex insurance industry transactions, has advised on the majority of the significant Lloyd’s transactions in recent years
Most recently, the team advised AmTrust in the merging of its Lloyd’s business with Canopius, creating a top-five insurer at Lloyd’s with combined premiums of approximately $2.2bn. Earlier in the year, Debevoise advised AmTrust in its $830 million reinsurance-to-close deals with Enstar Group in respect of its Lloyd’s operations. The team is also advising on a number of deals yet to make it to market.
Debevoise also advised Hamilton Insurance Group in March in its acquisition of Pembroke Managing Agency and Ironshore Europe DAC from Liberty Mutual. Hamilton is the Bermuda-based holding company for property and casualty insurance and reinsurance operations in Bermuda and at Lloyd’s. Upon closing, the transaction will almost double Hamilton’s total premium base.
Other Lloyd’s-related transactions that Debevoise has advised on include:
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