Gordons advises Congregational & General Insurance on sale of subsidiary to Hannover Re Group
Tuesday 30th August 2011
Law firm Gordons has advised Congregational & General Insurance (CGI) on the sale of a majority share of its subsidiary MGA Integra Insurance Solutions to Hannover Re Group.
Based in Bradford, CGI is one of the country’s most respected insurers of homes and churches facilitating the coverage of over £40bn of homeowners assets and almost £5bn of church assets throughout the UK.
The sale follows the decision by CGI to seek to grow Integra’s share of the intermediary home market to £100m in the next 5 years.
Gordons’ corporate partner James Fawcett, along with solicitors Jonathan Asquez and Duncan Firman, advised CGI on the sale.
Commenting on the deal, CGI chief executive Carlo Cavaliere, said: “We would like to thank James and his team for providing a depth of expertise and commercial pragmatism which were essential to ensuring efficient completion of this deal. We have a solid, longstanding relationship with the Hannover Re Group, embracing reinsurance and, since its launch early last year, the underwriting capital for Integra. The investment truly cements our strong relationship, which already brings together our underwriting and distribution expertise with Hannover Re’s AA- rated capital.”
CGI will remain under the sole ownership of the Congregational & General Charitable Trust and will be strengthening its position as a specialist/church insurer. Integra will continue to be managed and serviced by CGI under the existing services agreement.
Commenting on the deal, James Fawcett said: “CGI is a highly successful organisation and a valued client of Gordons and we were very pleased to be able to assist CGI in connection with the sale of a majority share of Integra to Hannover Re.”