RPC's Corporate Insurance team advises Citynet in latest insurance sector corporate transaction
In the latest of a series of Lloyd's and London market broker deals, the RPC team has advised Citynet, the Lloyd's of London broker, and the selling shareholders, on the deal announced in December with Carlyle-backed PIB Group.
A link to Citynet's announcement can be found here.
The RPC team was led by James Mee, Head of Corporate Insurance and Financial Services, and David Wallis, Partner in the private equity team specialising in financial services transactions.
Commenting on the deal, James Mee says: “We were thrilled to be introduced to Richard Scott, David Walland, Andrew Walsh and the Citynet team. We were pleased to work with them and the PIB team to close this transaction. Working with management teams and selling shareholders around the insurance market is absolutely core to our business.
"This is the second transaction with PIB in which we've been involved. The next phase of the Citynet/PIB Insurance journey promises to be particularly interesting. We're always pleased to support our key clients on such interesting transactions.
“This transaction, and others like it emphasise, our strengths in transactional insurance involving private equity – a feature of many of our recent market transactions."
Richard Scott, CEO of Citynet, commented: "This is a terrific opportunity for the team and we're pleased to be joining PIB.
"The team at RPC worked closely with us throughout, and their deep knowledge of the insurance market, together with their M&A and private equity skills really made a difference. That, and their client service, was second to none."Laura Macintosh of Dickson Minto led the legal team advising PIB.