Capital Raising

Our work on capital raisings for insurers combines the strength of our leading financing practice with the expertise of our specialist insurance practitioners - most notably in our work on subordinated debt issues and note programmes for insurers, where we regularly act for some of the largest companies in the sector.

Advising on subordinated debt issues for insurers is particularly complex at present because of the need to satisfy existing regulatory requirements while anticipating the future requirements of the Solvency II directive. We have been at the forefront of advising on issues of Tier 1 and Tier 2 debt in this environment, including discussions with the regulator in respect of such issues.

We also have extensive experience of advising insurance companies on other types of capital raising, including:

  • IPOs
  • placings
  • preference share issues
  • rights issues
  • securitisations

Partner Contacts

Our key experience includes advising:

Aviva on its issue of €750 million 1.875 per cent Fixed Rate Dated Senior Notes

Aviva on its placing of a 15% stake in Delta Lloyd for gross cash proceeds of £381 million, further disposal of a 21% stake for approximately £320 million and disposal of its remaining stake of 19.4% for approximately £353 million

Brit and esure on their initial public offerings of ordinary shares

China Re on the US$2 billion (approx.) global offering and the listing on the Main Board of the Hong Kong Stock Exchange of its H shares, one of the largest IPOs in Hong Kong in 2015

Direct Line on its initial public offering of its ordinary shares and issue of £350,000,000 Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes

esure on its issuance of up to £125 million of subordinated notes in connection with its acquisition of the remaining 50% of Gocmpare.com Holdings not already held by it

esure and Gocompare.com on the demerger of Gocompare.com and listing on the main market of the London Stock Exchange

Just Group on its debut issuance of Tier 2 capital, comprising £125 million 8.125% notes due 2029

Pension Insurance Corporation on its issuance of GBP 450,000,000 7.375 per cent. Fixed Rate Reset Perpetual Restricted Tier 1 Contingent Convertible Notes

RSA Insurance Group on its issue of Floating Rate Perpetual Restricted Tier 1 Contingent Convertible Notes – the first public Solvency II compliant Restricted Tier 1 issuance by a UK insurer

Standard Life on its return of around £1.75 billion to shareholders by way of a B/C share scheme. The return of value followed on from the completion of the sale of its Canadian companies to a subsidiary of Manulife Financial Corporation for £2.2 billion