Clyde & Co has advised National Australia Bank and Barclays Bank on a US$111m bank loan facility to Enstar, a Bermuda-based insurance management provider. The loan financed in part Enstar's $252m acquisition of SeaBright, a workers' compensation insurance company incorporated in the United States.
The Clyde & Co London team was led by partner Chris Lenton and included Susannah Amini with support from partner Robert Ansehl and senior counsel Susan Lee of the firm's New York office.
Chris Lenton said: "We were delighted to advise National Australia Bank and Barclays Bank on this deal which required a quick turnaround and involved complex cross-border insurance, regulatory and financing issues."
Clyde & Co previously advised National Australia Bank on its first entrance into the US insurance market with a US£106.5m term loan facility financing the acquistion of New Jersey-domiciled insurer Clarendon Holdings Ltd by Enstar in July 2011.
The fim also acted for a syndicate of banks led by National Australia Bank and Barclays Bank that included Bank of America, Citibank and Lloyds TSB Bank on a US$1.1 billion term loan facility financing a consortium led by Stonepoint and Enstar bidding for the acquisition of Transatlantic Re.
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