HFW advises on the sale of Sagicor Europe to AmTrust Financial Services
A team of HFW lawyers, led by Partners Ashwani Kochhar and Richard Spiller, advised Sagicor Financial Corporation on its sale of Sagicor Europe Limited and its subsidiaries to a wholly-owned subsidiary of AmTrust Financial Services, Inc.
The sale includes Sagicor at Lloyd’s Limited, the managing agent of Lloyd’s property/casualty insurance syndicate 1206 and life insurance syndicate 44, and also includes a reinsurance entity and two Lloyd's corporate members. Subject to Lloyd's and PRA/FCA regulatory approvals, the deal is expected to complete in the fourth quarter of 2013.
HFW Partner Ashwani Kochhar said, "This transaction shows the ongoing popularity of the Lloyd's market and the demand for a Lloyd's platform. Those seeking access to Lloyd's through a turnkey arrangement can find that an existing agency is an attractive alternative."
The deal is a further example of HFW's experience in the corporate insurance sector, in particular in transactions in the Lloyd's market.
The HFW team consisted of Partners Ashwani Kochhar and Richard Spiller, and Associates Carolyn Ang and William Reddie.