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A 21-year-old HCC affiliate, RML is a London-based Lloyd's broker marketing specialty accident and health, aviation, trade credit, property/casualty insurance and reinsurance. The deal will make Guy Carpenter a major provider of reinsurance intermediary services to Houston-headquartered HCC.
In a statement, Guy Carpenter President and Chief Executive Officer Peter Zaffino said the deal "is further demonstration of our strategy to build our capabilities in the specialty sector." HCC President and CEO John N. Molbeck Jr., in a statement, said it will allow the international specialty insurance group to focus on its core business.
The companies expect the transaction to close sometime in October, following receipt of regulatory approvals and satisfaction of other closing conditions. Lexicon Partners LLC acted as financial adviser to Guy Carpenter and Freshfields Bruckhaus Deringer LLP served as legal counsel. Hines Associates acted as financial adviser to HCC in relation to the transaction, and Clyde & Co LLP acted as legal counsel.
A HCC spokesperson said the company is currently in an earnings blackout period and could not comment. Guy Carpenter did not immediately respond to a message seeking comment.
The top three global reinsurance brokers by 2008 brokerage revenues are Aon Benfield, Guy Carpenter & Co., and Willis Re, according to Best's Review's Top Global Reinsurance Brokers list (Best's Review, September 2009).
HCC Insurance Co. currently has a Best's Financial Strength Rating of A+ (Superior) with a positive outlook. Shares of HCC Insurance Holdings Inc. were trading at $27.64 in afternoon trading on Oct. 7, up 0.33% from the previous close.
(By Sean P. Carr, Washington Correspondent: sean.carr@ambest.com)
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