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Press Releases

GreyCastle Holdings Ltd. Completes Acquisition of XL Group’s $5.9 Billion Run-Off Life Reinsurance Operations

June 12, 2014  – GreyCastle Holdings Ltd. (“GreyCastle”) today announced that it has completed the acquisition of the run-off Life Reinsurance operations of XL Group (“XL”) for $570 million in cash. With $5.9 billion in assets, the acquired business is composed primarily of UK and Ireland pension annuities. The transaction was previously announced on May 1, 2014.

“We are pleased to have received the necessary regulatory approvals and we are excited to be completing this acquisition well ahead of schedule,” said Raymond Brooks, Chief Executive Officer of GreyCastle. “This transaction was made possible by our long-term oriented investors and GreyCastle’s talented, growing team of over 30 employees in London and Bermuda. Our team will focus on protecting the rights and interests of policyholders by seeking to achieve stable returns over a long-term horizon. We will also be receptive to future investment opportunities in the reinsurance sector.”

GreyCastle intends for the business to remain standalone with the current operational infrastructure intact. The company is managed and staffed by employees transferring from XL as well as GreyCastle’s experienced team.

GreyCastle is chaired by Lord James Blyth and organized and run by Chief Executive Officer Raymond Brooks. Lord Blyth previously served as Chairman of Diageo and The Boots Company. Mr. Brooks was previously Chief Executive Office of the ACA Financial Guaranty Corporation.

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GreyCastle Holdings Ltd. to Acquire XL Group’s Run-Off Life Reinsurance Operations

May 1, 2014 – GreyCastle Holdings Ltd. (“GreyCastle”), a well-capitalized reinsurance business backed by a consortium of investors led by TRB Advisors and Equity Group Investments, announced today that it has entered into a definitive agreement to acquire the run-off Life Reinsurance operations of XL Group (“XL”) for $570 million in cash.  The business being acquired is composed primarily of UK and Ireland pension annuities.

“As long-term investors, our primary objective is to protect the rights and interests of policyholders through a well-capitalized balance sheet and a conservative portfolio management approach,” said Raymond Brooks, Chief Executive Officer of GreyCastle. “Our investment model is fully aligned with this objective, and we are pleased to be acquiring this business from XL Group.”

“GreyCastle is backed by large family offices, university endowments and other long-term investors,” Brooks continued. “The stability they bring, along with our highly experienced management team, will benefit our customers.”

GreyCastle intends for the business to remain standalone with the current operational infrastructure intact. The company is managed and staffed by employees transferring from XL as well as experienced new hires.

The transaction is subject to customary regulatory review and approvals in the U.K. and Bermuda. It is expected to close in summer 2014.

GreyCastle’s advisors on this transaction included Debevoise & Plimpton LLC, BlackRock Solutions, Milliman, PwC, Axispoint, and Deutsche Bank as financial advisor.

Click to read XL Group’s Press Release

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