Previous Page
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
Cobalt Underwriting
Bolletje