M&A Deal Summary

GreyCastle Holdings Acquires XL Life Reinsurance

On May 1, 2014, GreyCastle Holdings acquired insurance company XL Life Reinsurance from XL Group for 570M USD

Acquisition Highlights
  • This is GreyCastle Holdings’ 1st transaction in the Insurance sector.
  • This is GreyCastle Holdings’ largest (disclosed) transaction.
  • This is GreyCastle Holdings’ 1st transaction in Bermuda.

M&A Deal Summary
Date 2014-05-01
Target XL Life Reinsurance
Sector Insurance
Buyer(s) GreyCastle Holdings
Sellers(s) XL Group
Deal Type Divestiture
Deal Value 570M USD
Advisor(s) Citigroup Investment Banking
J.P. Morgan Securities (Financial)
Clifford Chance
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

XL Life Reinsurance

Bermuda
XL Life Reinsurance (SAC) Ltd offers life reinsurance services.

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Buyer(S) 1

Buyer

GreyCastle Holdings

Hamilton, Bermuda

website

Category Company
Founded 2014
Sector Insurance
DESCRIPTION

GreyCastle Holdings Ltd. is a Bermuda-based reinsurance business capitalized to an S&P AA level. The company is organized and run by veteran insurance executive Raymond Brooks, and has a highly-skilled, experienced, and growing team of over 30 professionals in Bermuda and London.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (Bermuda) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1

Seller(S) 1

SELLER

XL Group

Hamilton, Bermuda

website

Category Company
Founded 1986
Sector Insurance
Employees7,304
Revenue 11.3B USD (2017)
DESCRIPTION

XL Group plc is a insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises on a worldwide basis.

DEAL STATS #
Overall 1 of 1
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
Country (Bermuda) 1 of 1
Year (2014) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-02-26 Global Ag Insurance Services

Fresno, California, United States

Global Ag Insurance Services is a crop insurance provider based in California that offers comprehensive agricultural risk management solutions primarily to western specialty crop producers and agents. Global Ag’s team and partners are deeply committed to improving the delivery of agricultural risk management solutions in the western United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-01 Catlin Group

Hamilton, Bermuda

Catlin Group Ltd. is a specialty insurance and reinsurance provider . Areas of expertise include Marine, Professional Indemnity, Aviation, Energy, and Industrial. Catlin's property catastrophe reinsurance and marine businesses are viewed as 'Best in Class' at Lloyd's.

Buy $4.1B
Mergr

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Company

Legal