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Lightyear invests in London-based Cooper Gay Swett & Crawford

23 Oct 2012

New York private equity firm Lightyear Capital has bought a controlling stake in London-based wholesale insurance and reinsurance broker Cooper Gay Swett & Crawford.

Although terms of the deal for the 55 per cent stake were not disclosed, CGSC had EBITDA of $69m last year from revenues of $344m.

The company currently has more than $3.5bn in premiums placed for its clients globally.

Lightyear chairman Donald Marron said, “Lightyear sees a long-term growth opportunity in the non-risk bearing, global insurance brokerage industry.

“CGSC is a leader in this field and possesses strong differentiation, global reach, and long-term client relationships.”

Lightyear said it planned to expand CGSC’s business through acquisitions and internal growth in order to extend its geographic reach.

Lightyear made the investment through its third fund, which closed in August with commitments of $954m.

The firm had initially targeted $1.1bn for the fund, although later scaled this back to $914m according to filings with the US Securities & Exchange Commission.

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