February 21, 2006
Swiss Re reaches agreement to sell its wholly owned Fox-Pitt, Kelton (FPK) subsidiaries to a new company formed by J.C. Flowers & Co. LLC and FPK management.
On February 10, it was announced that Willkie client Swiss Re has reached an agreement to sell its wholly owned Fox-Pitt, Kelton (FPK) subsidiaries to a new company formed by J.C. Flowers & Co. LLC and FPK management. J.C Flowers is teaming up with Lazard banker Gary Parr to acquire a controlling interest in FPK in this management buyout. Swiss Re will retain a minority interest in the new company through convertible preferred shares. Swiss Re is one of the world’s leading reinsurers and the world’s largest life and health reinsurer, with more than 70 offices in over 30 countries. FPK is a boutique investment bank that focuses on providing corporate finance and M&A advice to financial services companies. The deal was handled by partners William Dye, Frank Daniele and Richard Reinhold.