BLP advises R&Q on its acquisition of ProSight Syndicate 1110
Berwin Leighton Paisner LLP (BLP) has advised Randall and Quilter (“R&Q”) on its acquisition from ProSight Specialty Insurance of the corporate members of Lloyd’s Syndicate 1110 and the novation of the managing agency of the Syndicate to R&Q Managing Agency Limited (RQMA).
BLP also advised R&Q on the quota share and stop loss reinsurance by ProSight’s subsidiary New York Marine and General Insurance Company of business sourced by ProSight coverholders, the arrangements relating to provision of future Funds at Lloyd’s (FAL) and the interaction of this acquisition with the proposed sale of RQMA to Coverys and the related outsourcing.
Subject to regulatory approvals, R&Q will also acquire ProSight Specialty Underwriters Limited and ProSight Specialty Managing Agency Limited.
Adam Bogdanor and Jonathan Sacher commented: “We were delighted to act on this complex acquisition for R&Q. We fielded a multi-specialist team enabling us to advise on all of the various aspects of this complex, multi-faceted transaction.”
BLP fielded a multi-disciplinary team including Adam Bogdanor, Jonathan Sacher, Geraldine Quirk, Matt Oliver, Ben Davies (Corporate and Insurance), Daniel Finch (reinsurance collateral), Rob Eldridge (Employment), Richard Harbot and James Hamon (Tax), Usman Wahid and Melissa Manski (Commercial), Ciaran Londra (Real Estate) and Tamara Quinn (IP).
Clyde & Co acted for ProSight.