Arrowpoint Capital to Acquire US Businesses of Royal & Sun Alliance Insurance Group plc through Management Led Buyout
28 Septembre 2006 - 12:39PM
Business Wire
Arrowpoint Capital Corp., a newly formed Delaware company owned and
operated by the existing senior management and outside directors of
Royal & SunAlliance USA (R&SA USA), today announced that it
has entered into a definitive agreement to acquire all R&SA USA
businesses currently owned by Royal & Sun Alliance Insurance
Group plc of London. Arrowpoint Capital will focus on R&SA
USA�s operational objectives, including the continuation of its
current management, financial and governance guidelines, to meet
policyholder obligations. Arrowpoint Capital will be led by
R&SA USA President & CEO John Tighe and his senior
management team, who have successfully headed the operation since
2003. In addition to members of the management team, the Arrowpoint
board will include Michael Crall, formerly CEO of Equitas and
President & Chief Executive of Argonaut Insurance Company, who
takes over as Chairman from William Shea; Edward Muhl, former
Superintendent of Insurance for the State of New York, Commissioner
of Insurance for the State of Maryland and President of the
National Association of Insurance Commissioners; and Larry Simmons,
former President & CEO of Royal & Sun Alliance Insurance
Company of Canada and Western Assurance Company. Under the terms of
the transaction, Arrowpoint Capital management will purchase 100%
of the interests of Arrowpoint General Partnership, the US holding
entity which currently owns the R&SA USA businesses, for $300
million of deferred consideration. With the closing of the
transaction, the Group will contribute $287.5 million of additional
capital to the US-regulated entities. �This is an excellent outcome
for policyholders,� said John Tighe. �It builds on the strong
success we�ve achieved to date through our restructuring efforts
and provides us with a solid foundation for taking the business
forward. �We�d like to thank Bill Shea for his support over the
past two years and look forward to working with Mike Crall as we
transition to our new company.� Closing of the transaction, which
is expected by year-end, is subject to regulatory and R&SA
Group shareholder approvals. About Arrowpoint Capital Arrowpoint
Capital Corp. is a newly formed company comprised of Royal &
SunAlliance USA senior management and outside directors. The
company will build on its experience in both run-off and active
insurance businesses by focusing on operational objectives,
including investment, claim and expense management, to satisfy
policyholder obligations. Arrowpoint Capital Corp., a newly formed
Delaware company owned and operated by the existing senior
management and outside directors of Royal & SunAlliance USA
(R&SA USA), today announced that it has entered into a
definitive agreement to acquire all R&SA USA businesses
currently owned by Royal & Sun Alliance Insurance Group plc of
London. Arrowpoint Capital will focus on R&SA USA's operational
objectives, including the continuation of its current management,
financial and governance guidelines, to meet policyholder
obligations. Arrowpoint Capital will be led by R&SA USA
President & CEO John Tighe and his senior management team, who
have successfully headed the operation since 2003. In addition to
members of the management team, the Arrowpoint board will include
Michael Crall, formerly CEO of Equitas and President & Chief
Executive of Argonaut Insurance Company, who takes over as Chairman
from William Shea; Edward Muhl, former Superintendent of Insurance
for the State of New York, Commissioner of Insurance for the State
of Maryland and President of the National Association of Insurance
Commissioners; and Larry Simmons, former President & CEO of
Royal & Sun Alliance Insurance Company of Canada and Western
Assurance Company. Under the terms of the transaction, Arrowpoint
Capital management will purchase 100% of the interests of
Arrowpoint General Partnership, the US holding entity which
currently owns the R&SA USA businesses, for $300 million of
deferred consideration. With the closing of the transaction, the
Group will contribute $287.5 million of additional capital to the
US-regulated entities. "This is an excellent outcome for
policyholders," said John Tighe. "It builds on the strong success
we've achieved to date through our restructuring efforts and
provides us with a solid foundation for taking the business
forward. "We'd like to thank Bill Shea for his support over the
past two years and look forward to working with Mike Crall as we
transition to our new company." Closing of the transaction, which
is expected by year-end, is subject to regulatory and R&SA
Group shareholder approvals. About Arrowpoint Capital Arrowpoint
Capital Corp. is a newly formed company comprised of Royal &
SunAlliance USA senior management and outside directors. The
company will build on its experience in both run-off and active
insurance businesses by focusing on operational objectives,
including investment, claim and expense management, to satisfy
policyholder obligations.
Royal & Sun Alliance (NYSE:RSA)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Royal & Sun Alliance (NYSE:RSA)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
Real-Time news about Royal & Sun Alliance (New York Stock Exchange): 0 recent articles
Plus d'articles sur Royal & SunAlliance USA Inc.