22.08.2011
FSA Approves Deal Between Firm And Hannover Re
A corporate law expert at Irwin Mitchell has advised the management team of Congregational & General Insurance (CGI) in relation to its sale of a majority share of its MGA, Integra Insurance Solutions subsidiary (“Integra”). The management team were minority shareholders in Integra and needed specialist advice in respect of their position.
The Financial Services Authority has approved the transaction which will see Integra’s shares acquired by the Hannover Re Group.
It is part of CGI’s efforts to expand on Integra’s current share in the intermediary home market across the next five years and the subsidiary will continue to be managed and serviced by the company under existing agreements.
Paul Johnson, a corporate law expert at Irwin Mitchell who specialises in advising firms on mergers and acquisitions, advised on the deal which CGI chief executive Carlo Cavaliere believes will cement the firm’s “strong relationship” with Hannover Re Group.
Commenting on the deal, Paul said: “Hannover Re Group have looked to establish their presence in the home insurance market looking to back both CGI and the strength and experience of the management team. We look forward to working with CGI and the management team going forward as they continue to grow their business”.
