Swiss Re Finalizes FPK Sale
Swiss Re announced that it has reached an agreement to sell its wholly-owned subsidiary, investment bank Fox-Pitt, Kelton (FPK), to a new company formed by J.C. Flowers & Co. LLC as well as FPK management.
Swiss Re said it would “retain an interest in the new company through convertible preferred shares.”
“We’re pleased with the new ownership for Fox-Pitt, Kelton,” commented CEO Jacques Aigrain. “FPK has been instrumental in helping Swiss Re to build our capital markets capabilities. However, we believe this move better positions FPK for the future. With Swiss Re maintaining a stake in the new company, we can participate in its future success.”
Formed in 1971, FPK specializes in the financial services industry, focusing on insurance, banking and related sectors worldwide. Swiss Re acquired FPK in 1999.
The transaction, which is subject to usual regulatory approvals, is expected to close during the first half of 2006. In addition to the transfer of the FPK group of companies, it is expected that employees working under the FPK brand plus a number of additional staff from Swiss Re’s Capital Management and Advisory team will become part of the new organization.
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