Lightyear Capital has agreed to sell Antares Holdings Limited, a specialist insurer and reinsurer, to Qatar Insurance Company. The deal is expected to close in the second half of 2014.
Lightyear Capital LLC, a leading financial services private equity firm, today announced that an affiliated investment fund has entered into an agreement to sell Antares Holdings Limited, a leading specialist insurer and reinsurer operating in the Lloyd’s market, to Qatar Insurance Company SAQ (DSM: QATI), a Qatar-based public shareholding company engaged in the business of insurance, reinsurance, real estate and financial advisory services.
Through Antares Syndicate 1274 the company underwrites a worldwide diversified range of Property, Casualty, Marine and Aviation insurance and reinsurance business through Lloyd’s, the world’s largest insurance marketplace.
Lightyear’s Chairman and Founder Donald B. Marron said, “Lightyear was able to identify an opportunity to reposition Antares as a Lloyd’s syndicate in order to enable the company to access the optimal platform for its clients and for writing a diversified portfolio of business.”
Lightyear’s Managing Partner Mark F. Vassallo said, “We are pleased with this outcome and enjoyed working with the management team on developing Antares into a strong and independent franchise within the Lloyd’s network.”
Antares’ Managing Director Stephen Redmond said, “Lightyear played a critical role not only in repositioning Antares in the Lloyd’s marketplace but also in working with us to strengthen the business model once we were independent.”
Antares received financial advice on this transaction from Evercore Partners International LLP and legal advice from Davis Polk & Wardwell LLP. The closing of the transaction is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close in the second half of 2014. Financial terms of the transaction have not been disclosed.
About Lightyear Capital LLC
Lightyear Capital is a leading private equity firm making primarily control investments in North America-based, middle-market financial services companies. Based in New York, Lightyear, through its three affiliated private equity funds, has raised over $2.5 billion of capital and has completed investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. Lightyear brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. The senior team of professionals averages approximately 30 years of financial services-related experience and includes Chris Casciato, Michael Doppelt, Stewart Gross, Thierry Ho, Donald Marron, Michal Petrzela, and Mark Vassallo. For more information, please visit www.lycap.com.