American Financial Group Inc. announced it has reached a definitive agreement to sell GAI Holding Bermuda and its subsidiaries, comprising the legal entities that own its Lloyd’s of London insurer, Neon, to RiverStone Holdings Ltd.

Upon closing of the sale, AFG expects release of all of its funds at Lloyd’s (FAL) including release of the letters of credit and collateral pledge facility that AFG guarantees in support of Neon’s FAL.

This transaction will complete AFG’s exit from the Lloyd’s of London insurance market — culminating a decision that was first announced in January 2020. AFG joined Lloyd’s in 2008 through an acquisition.

Financial details of the transaction were not disclosed. The deal is expected to close in the fourth quarter of 2020 after receiving the required regulatory approvals.

In accordance with generally accepted accounting principles, it is expected that AFG will record the sale in the third quarter. The sale is not expected to have a material impact on AFG’s ongoing results of operations. TigerRisk Capital Markets & Advisory acted as exclusive financial advisor to AFG.

Source: https://www.insurancejournal.com/news/

Read More
A leading risk, capital and strategic advisor to the global insurance and reinsurance industries.

Sign up for TigerAlerts

TigerRisk Capital Markets & Advisory (“TCMA”) is a trade name used by TigerRisk Capital Strategies LLC, a licensed broker dealer authorized and regulated by FINRA and a member of SIPC (“TRCS”) and TigerRisk Capital Markets & Advisory (UK) Limited (Registered number 747133), an investment business authorized and regulated by the UK Financial Conduct Authority (“TCMAL”). Each of TRCS and TCMAL are direct wholly-owned subsidiaries of TigerRisk Partners LLC (“TRP”). Securities products and services are offered through TRCS and TCMAL. Reinsurance products are placed through TigerRisk Partners LLC in the United States and TigerRisk Partners (UK) Limited in the UK. Although TCMA believes the content of this site to be accurate and complete, it makes no representation or warranty, express or implied, as to the accuracy or completeness of information contained herein and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. The information contained on this site is not intended to provide the sole basis for evaluating and should not be considered a recommendation with respect to, any transaction or other matter. Nothing contained herein constitutes an offer or solicitation to sell or purchase any securities and is not a commitment by TCMA (or any affiliate) to provide or arrange any financing for any transaction or to purchase any security in connection therewith. TCMA is not providing any advice on tax, legal or accounting matters. In the United Kingdom, this website is a financial promotion and has been approved solely for the purposes of Section 21 of the Financial Services Markets Act 2000 by TCMA. This website is directed only at persons who are professional clients or eligible counterparties for the purposes of the UK Financial Services Authority’s Conduct of Business Sourcebook and the services provided by TCMA are not available for, or intended for use by, retail clients.

Copyright © 2023 Howden Tiger. All Rights Reserved.

Hit enter to search or ESC to close