Lightyear Capital said Wednesday that it has completed its controlling investment in Cooper Gay Swett & Crawford. The deal was announced in October. London-based Cooper Gay is a global wholesale insurance and reinsurance broker.

It’s been a week since Hurricane Sandy devastated the East Coast and damages could reach as much as $50 billion, according to the New York Times. Losses due to Sandy are still being worked out. If they are $10 billion or less, primary insurers, like Chubb or Allstate or State Farm, will likely pay the brunt of claims, PE sources say. As damages increase, payment will “disproportionately” fall on reinsurers.

Lightyear Capital has agreed to take a controlling stake in Cooper Gay Swett & Crawford Limited. Financial terms weren’t announced. The deal is expected to close in fourth quarter. London-based Cooper Gay is a global wholesale insurance and reinsurance broker.

Lightyear’s third fund raises $954 million, which is below its $1.1 billion hard cap.

Lightyear Capital, a private equity firm focused on financial services, has appointed Jerry W. Miller as senior advisor on behalf of its affiliated funds. Miller was former president and CEO of Van Kampen Investments. PRESS RELEASE Lightyear Capital LLC, a private equity firm focused on financial services, has appointed Jerry W. Miller, former President and [...]

Lightyear Capital has acquired Paradigm Management Services, a provider of healthcare management services, from Sterling Partners. Middle-market investment bank Harris Williams & Co. announced the deal, which closed on Wednesday. Terms were not released. Harris Williams & Co advised Paradigm.

Sterling Partners has sold  Paradigm Management Services to Lightyear Capital. Financial terms of the deal, which closed Feb. 1, were not announced. Walnut Creek, Calif.-based Paradigm provides healthcare management services. News of the transaction was announced by Harris Williams which provided financial advice to Paradigm.

Permira is buying BakerCorp, a provider of equipment rental services for liquid and solid containment applications. The deal, which is expected to close by July, is valued at $960 million. The seller is Lightyear Capital. Morgan Stanley and Deutsche Bank advised Permira. Goldman Sachs advised BakerCorp.

Lightyear Capital, along Insight Venture Partners, has agreed to sell ARGUS Software to Altus Group for $130 million. The deal is expected to close in second quarter. Lightyear, a New York PE firm that focuses on financial services, invested in Realm Business Solutions in 2006 which it then renamed ARGUS.

Buyout shop Lightyear Capital plans to raise $1.1 billion for its latest fund, Reuters reported, citing a regulatory filing. Lightyear Fund III LP raised $150 million so far through UBS Securities, according to a filing with the Securities and Exchange Commission last week. The minimum investment is $10 million, Reuters said. Lightyear is led by former PaineWebber chief executive Donald Marron.