Inigo Limited’s $800 Million Initial Capital Raise

Clifford Chance has advised the Inigo group on a new insurance London market venture involving a capital raise of approximately $800m. Ashurst has advised J.C. Flowers & Co LLC on its portion of the investment, and Kirkland has advised Oak Hill Advisors.

The funds have been provided by a consortium of global investors comprising funds controlled by J.C. Flowers, Qatar Investment Authority, Caisse de dépôt et placement du Québec, Oak Hill Advisers, Enstar and Inigo’s management team. The transaction includes the proposed acquisition, subject to regulatory approval, of StarStone Underwriting Limited from Enstar Group.

Inigo believes that conditions are ideal to launch a new insurance business at a time when underwriting capacity in Lloyd’s is constrained. Inigo has chosen London as its principal base since it regards the overall insurance ecosystem offered by Lloyd’s as the best in the world and will support the growth and development of the new firm.

The fund-raising gives Inigo the capital base required to proceed with its plans to open for business in the 2021 year of account, subject to regulatory approval from the Corporation of Lloyd’s.

The team working on the transaction was led by partner Ashley Prebble (Picture), the head of the firm’s Financial Institutions Group in London, who was assisted by senior associate Emma Eaton and associates Fergus Grady, Disha Gulati and Alec Raeside. The incentives aspects of the matter were provided by partner Sonia Gilbert and senior associate Becky Moore. The team also comprised partner Mark Payne (real estate), associate Margaret Olaniyan (real estate), senior associate Rob Sharpe (tax), partner Alistair Woodland (employment), associate Alistair Green (employment) and associate Jamie Andrew (TMT).

The Ashurst team was led by corporate partner Adam Levitt with support from senior associate Jacob Gold and associate Nick Lever. Partners James Perry and Bradley Rice and associate Adam Clenton advised on financial regulatory matters. Partner Ruth Buchanan and associate David Pemberton advised in relation to employment and partner Steven Vaz and associate Natasha Gromof with respect to competition law.

The Kirkland team was led by transactional partners Rebecca Villarreal and Stuart Boyd and associate Jiri Peterka, antitrust partner Paula Riedel and associate Shahrzad Sadjadi and tax partner Dulcie Daly.

Involved fees earner: Ruth Buchanan – Ashurst; Jacob Gold – Ashurst; Natasha Gromof – Ashurst; Nick Lever – Ashurst; Adam Levitt – Ashurst; David Pemberton – Ashurst; James Perry – Ashurst; Bradley Rice – Ashurst; Steven Vaz – Ashurst; Jamie Andrew – Clifford Chance; Emma Eaton – Clifford Chance; Sonia Gilbert – Clifford Chance; Fergus Grady – Clifford Chance; Alistair Green – Clifford Chance; Disha Gulati – Clifford Chance; Becky Moore – Clifford Chance; Margaret Olaniyan – Clifford Chance; Mark Payne – Clifford Chance; Ashley Prebble – Clifford Chance; Alec Raeside – Clifford Chance; Robert Sharpe – Clifford Chance; Alistair Woodland – Clifford Chance; Stuart Boyd – Kirkland & Ellis; Dulcie Daly – Kirkland & Ellis; Jiri Peterka – Kirkland & Ellis; Paula Riedel – Kirkland & Ellis; Shahrzad Sadjadi – Kirkland & Ellis; Rebecca Villarreal – Kirkland & Ellis;

Law Firms: Ashurst; Clifford Chance; Kirkland & Ellis;

Clients: Inigo Limited; JC Flowers & Co., LLC; Oak Hill Advisors L.P.;