New York, NY, December 03, 2007 – Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, today announced that it has completed the transactions related to the establishment of Antares Holdings Limited (“Antares”), a newly formed Bermuda-based holding company whose businesses will include the sponsorship of a new Lloyd’s of London (“Lloyd’s”) syndicate (“Antares Syndicate 1274”).
“The creation of Antares is a great example of Lightyear’s ability to implement our successful strategy of investing in high-potential financial services companies in the European market,” said Chairman and Chief Executive Officer of Lightyear, Donald B. Marron. “As a newly accepted Lloyd’s syndicate and helmed by an experienced management team with significant resources, Antares is primed to continue thriving in a range of specialty insurance categories.”
Antares Syndicate 1274 will be managed by Chaucer Syndicates Limited, a leading provider of third-party syndicate services, and capital for it will be provided by Lightyear and its partners. The business will be run by 32-year industry veteran Stephen D. Redmond.
“This was a complex transaction involving many parties. Lightyear’s specialization played a critical role in being able to bring this investment together,” said Mark F. Vassallo, Managing Director of Lightyear.
Lloyd’s is the world’s leading specialist insurance market with a 319-year history and is currently home to 72 syndicates providing £16 billion (approximately $32 billion) in capacity for 2007. By devising tailored, innovative solutions to complex problems, Lloyd’s creates a market that enables underwriters to work with brokers to place the world’s most specialized risks.
Commenting on the transaction, David W. Glenn, Managing Director of Lightyear, added, “We are proud to have originated, assembled, and executed this highly-complicated transaction. We look forward to now turning our attention to working with management to implement Antares’ business strategy.”
Lightyear led the transaction and was joined by strategic equity partners Chaucer Holdings PLC (LSE: CHU) and Württembergische Versicherung AG and by private equity sponsors including Hamilton Lane and Norwest Equity Partners.
Lightyear received financial advice from Aon Capital Markets and legal counsel from Sullivan & Cromwell LLP and Clyde & Co.
About Lightyear Capital LLC
Lightyear Capital is a financial services-focused private equity firm based in New York. Lightyear, through its three affiliated private equity funds, has raised over $2.5 billion of capital and makes primarily control investments in North America-based, middle-market financial services companies. Lightyear targets investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. The firm brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit www.lycap.com.
Richard Campbell or Angus Urquhart
+44 (0) 20 7307 5330