Clyde & Co advised Glacier Group on the sale of their subsidiary Glacier Insurance to Torus, the property/casualty insurer and reinsurer.
Todd Hart, chief executive of Glacier Group, said Glacier Insurance and Torus’ operations were “extremely complementary”, adding the transaction would be “beneficial for the Glacier Group’s clients, staff and shareholders”.
Andy Tromans, a partner in the Corporate Insurance group at Clyde & Co LLP, who advised on the deal, says: “We are delighted to have assisted Glacier on this sale, which will allow it to focus on the growth and development of its reinsurance business..
“The wide range of advice required on this deal – from reinsurance to tax – demonstrates the strength of the corporate insurance team at Clyde & Co” he continued. “The team is seeing increasing M&A activity in the insurance sector, whether that is in acquiring particular books of business or mergers between peers – for the right deal at the right price there are definitely more signs of life. There is no doubt that changes to the regulatory and competitive environments are driving this trend in the market, as is the return to relative stability in the capital markets.”
The UK Corporate Insurance team of Clyde & Co was led by Andy Tromans supported by associates Ravi Masaon and Danielle Cattermoul. David Langley provided specialist reinsurance advice and Sarah-Marie Williams assisted with the employment aspects.