A specialist banking and insurance deal team from Pinsent Curtis Biddle has advised Bank of Scotland on a £147 million management buyout from health insurer Royal & Sun Alliance (RSA).
The high profile deal has seen RSA continue its disposal programme by selling its healthcare business, which provides private medical, personal accident, travel and legal expenses insurance, to a buyout vehicle headed by Tim Ablett, former chief executive of the healthcare business.
The deal has been backed by Barclays Private Equity, whose £87 million investment represents its biggest investment to date, and by Bank of Scotland.
Pinsents Head of Banking & Finance, Stephen Miles, put together a specialist team drawn from the firm’s Birmingham, London and Leeds offices to act on the deal. “The fact that we could demonstrate a high degree of specialist expertise in the insurance sector in addition to our known banking capability enabled us to win the work,” said Stephen. “The firm’s focus on the Financial Services and Insurance sectors has furthered the development of our expertise and experience in those areas. Given the complex structure of the insurance arrangements on the transaction, this expertise was a necessity.”
Ian Aston of Bank of Scotland commented: “Despite its complex nature the deal came together quickly, once the initial groundwork was completed. Pinsents’ insurance expertise was a key element in that process.”
Stephen Miles with associate Alice Broadfield led the Pinsents team advising BoS. They were assisted by Peter Wood and Catherine Hemsworth (corporate) and Alexis Roberts (insurance).
Barclays Private Equity was advised by Clifford Chance. Ashursts acted for Royal & Sun Alliance and DLA acted for management.
