M&A Deal Summary

Validus Re Acquires Flagstone Reinsurance Holdings

On August 30, 2012, Validus Re acquired insurance company Flagstone Reinsurance Holdings from Lightyear Capital and Trilantic Europe for 623M USD

Acquisition Highlights
  • This is Validus Re’s 2nd transaction in the Insurance sector.
  • This is Validus Re’s 2nd largest (disclosed) transaction.
  • This is Validus Re’s 1st transaction in Luxembourg.

M&A Deal Summary
Date 2012-08-30
Target Flagstone Reinsurance Holdings
Sector Insurance
Buyer(s) Validus Re
Sellers(s) Lightyear Capital
Trilantic Europe
Deal Type Add-on Acquisition
Deal Value 623M USD
Advisor(s) Evercore Group (Financial)
Cravath, Swaine & Moore (Legal)

Target

Flagstone Reinsurance Holdings

Luxembourg,, Luxembourg
Flagstone Reinsurance Holdings is a reinsurance company that provides coverage for property catastrophe risks and other selected short-tail property casualty risks.

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Buyer(S) 1

Buyer

Validus Re

Pembroke, Bermuda
Category Company
Founded 2005
Sector Insurance
Employees866
Revenue 2.4B USD (2016)
DESCRIPTION

Validus Re is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. and Talbot Holdings Ltd. The company is a Bermuda-based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183. Validus Re was founded in 2005 and is based in Pembroke.

DEAL STATS #
Overall 2 of 5
Sector (Insurance) 2 of 5
Type (Add-on Acquisition) 2 of 3
Country (Luxembourg) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-15 Talbot Holdings

Hamilton, Bermuda

Talbot is a privately owned Bermuda-based company, which underwrites marine, property, financial institutions, contingency insurance.

Buy $410M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-23 Western World Insurance Group

Franklin Lakes, New Jersey, United States

Western World Insurance Group offers products on a surplus lines basis and on an admitted basis through its subsidiaries. Western World’s three operating companies are domiciled in New Hampshire.

Buy $690M

Seller(S) 2

SELLER

Lightyear Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2000
PE ASSETS 4.1B USD
Size Large
Type Sector Focused
DESCRIPTION

Lightyear Capital is a specialist private equity firm that pursues brand-name businesses in the financial services sector. Lightyear looks for companies with stable, recurring revenues that operate in growing markets. Transaction strategies include leveraged buyouts, recapitalizations, restructurings and consolidations. Lightyear Capital was formed in 2000 and is based in New York City.

DEAL STATS #
Overall 11 of 30
Sector (Insurance) 2 of 6
Type (Add-on Acquisition) 5 of 12
Country (Luxembourg) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 5 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-08-15 Alegeus

Waltham, Massachusetts, United States

Alegeus is a provider of benefits administration software, debit cards, and transaction processing solutions for consumer directed healthcare accounts, including flexible spending accounts, health reimbursement arrangements, and health savings accounts. Alegeus was formed in 2012 and is based in Waltham, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-16 Ed Broking

London, United Kingdom

Ed Broking is an independent, global wholesale insurance and reinsurance broker with offices in the world’s key insurance hubs. It matches risks brought to us by expert retail brokers and those seeking reinsurance coverage with underwriters in these major markets. Ed Broking was founded in and is based in London, England.

Buy -
SELLER

Trilantic Europe

Category Private Equity Firm
PE ASSETS 2.3B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Trilantic Europe is a private equity firm focused on buyouts and consolidation opportunities of mid-market companies across Western Europe. The Firm focuses on control or co-control situations where it can act as a hands-on investor pursuing growth opportunities and strategies. Sectors of interest include consumer, leisure, industrials, technology, media, communications, business services, and healthcare. The Firm is associated with Trilantic North America and originated from Lehman Brother's merchant banking division in 2009. Trilantic Europe is headquartered in London, England.

DEAL STATS #
Overall 3 of 11
Sector (Insurance) 1 of 1
Type (Add-on Acquisition) 3 of 4
Country (Luxembourg) 1 of 1
Year (2012) 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-17 Spumador Group

Caslino al Piano, Italy

Spumador Group is an Italian bottler and distributor of branded and private label soft drinks and mineral water. Spumador bottles mineral water at the source under its principal mineral water labels, S. Antonio, Valverde and Sancarlo Spinone.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-10-08 Euskaltel

Derio, Spain

Euskaltel is the telecommunications provider and sole cable operator in the Basque Region of Spain. Euskaltel provides fixed-line, broadband and pay TV services to consumers and corporates, and mobile services as a Mobile Virtual Network Operator (MVNO). Euskaltel has a competitive advantage compared to other players in the region given its capability to offer high speed broadband services through its state-of-the-art fibre to-the-node network. Euskaltel was founded in 1995 and is based in Derio, Spain.

Buy -
Mergr

Product

Company

Legal