Lightyear Capital Completes Antares Transaction
12.03.2007
New York, NY (December 3, 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
Lightyear is a private equity investment firm providing buyout and growth capital to companies in the financial services industry. Based in New York, Lightyear, through its affiliated funds, has managed approximately $3 billion of committed capital with investments across the financial services spectrum, including asset management, banking, brokerage, financial technology, insurance, leasing and related business services, and other sectors within financial services. Lightyear 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. The senior team of professionals has an average of 20 years of financial services-related experience and includes David Glenn, Stewart Gross, Donald Marron, Richard Sterne, and Mark Vassallo.
For more information, please visit www.lycap.com.
Lightyear Capital LLC Contacts:
U.K. Media:
Capital MSL
Richard Campbell or Angus Urquhart
+44 (0) 20 7307 5330