114
Transactions
JULY 2013
BoRGGREVE ACQUIRES BoLLEtJE
die dietrich Borggreve zwieback & Keksfabrik KG in neuenhaus, Germany, is taking over the dutch zwieback manufacturer Bolletje in Almelo. Both companies employ around 800 staff, and each has a turnover of around EUR 200m.
The owners of Bolletje, the Ter Beek family, were previously in negotiations regarding a sale to Continental Bakeries B.V., Dordrecht, which belongs to the investor group NPM Capital and operates 14 baked goods production sites throughout Europe. However, the Dutch cartel authority had refused to give its blessing to this union. On the other hand nothing stands in the way of the takeover by Borggreve, because in contrast to Continental, it does not result in a critical concentration on the Dutch market. LM
CAPItA InSURAnCE SERVICES InVEStS In CoBALt UndERWRItInG
In what has been described as a “market changing” initiative a new Shariah-compliant Managing General Agent (MGA) has been launched, backed by some of the biggest names in the re/insurance industry, to provide Shariah compliant re/insurance products to businesses across the globe, and supported by leading Islamic Scholars.
Cobalt Underwriting, which is based in the Lloyd’s building, recently launched backed by investment from Capita and the Bank of London and Middle East, the largest western Shariah-compliant Financial Institution.
The company has entered into an agreement with global broking group Aon, which will work exclusively with Cobalt across the initial process development phase of the business, expected to last until September. Cobalt has secured underwriting capacity from XL Group to underwrite property risks out of London. The initial focus will be on property cover, with a maximum capacity of up to USD300 million. The products will be offered on a worldwide basis with the exception of the U.S. and Canada.
Richard Bishop, Chief Executive Officer, Cobalt Underwriting said: “We are pleased to announce what is an exciting and market changing initiative that will open up new opportunities for major businesses seeking Shariah compliant re/insurance capacity.”
HFW Partner Ashwani Kochhar, assisted by Associate Will Reddie, advised Capita Insurance Services on the transaction to finance the start-up of Cobalt Underwriting Services Ltd, through a minority equity stake in its holding company, Cobalt Insurance Holdings Ltd. LM
www.lawyer-monthly.com
Cobalt Underwriting
Bolletje
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132