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.