Posts Tagged ‘finance news’

INSOL International Names John T. Young, Jr. of Neinda Advisors in 2024 Fellowship Class

HOUSTON, March 4, 2024 /PRNewswire-HISPANIC PR WIRE/ – Neinda Advisors LLC (”Neinda”) is delighted to announce that John T. Young, Jr. has been named a Fellow in INSOL International’s 2024 class of inductees. He is a member of a class of 24 new INSOL Fellows worldwide who are being recognized for their international insolvency qualifications. In response to INSOL’s announcement, Mr. Young remarked, “With the growing number of restructuring alternatives available beyond the US, it’s important to have the command of how emerging forums function and where the best outcomes can be found. I’m incredibly grateful to be recognized by INSOL with this honor.” The induction ceremony will take place at INSOL’s annual meeting held in San Diego on May 22, 2024.

Neinda Advisors

INSOL International is the premier worldwide association of lawyers, financiers, academics and other professionals specializing in turnaround and insolvency. There are currently over 44 Member Associations with over 10,500 professionals participating as members of INSOL International. To learn more about INSOL please visit www.insol.org.

Neinda is a boutique advisory practice offering independent director services to organizations facing governance challenges in complex situations. Neinda’s governance services are tailored to US-based organizations and international organizations seeking the expertise of a US director, particularly in situations involving cross-border issues and restructurings. More information is available at www.neinda.com.

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PaySett Corporation expands its payments partnership with the Barbados Automated Clearing House Services Inc. (BACHSI)

The real time payments (RTP) solution PayExpedite® will complement the current electronic payments ecosystem to allow for the creation of new payment services in Barbados.

ATLANTA and BRIDGETOWN, Barbados, April 26, 2023 /PRNewswire-HISPANIC PR WIRE/ – PaySett Corporation, a global provider of payment solutions, and BACHSI announced today the launch of the new RTP platform based on the ISO 20022 messaging standard.

Natalie Garraway, immediate past chairman (2020-2022) and current deputy chair (2023) commented, “We are elated to have this platform launched in Barbados. This system will be integral in our digital journey as a country as it offers speed, convenience, and reliability. We are grateful to PaySett for partnering with us (BACHSI) to provide such a solution that covers all those key areas that our citizens and customers have been eagerly requesting in a banking solution.”

Jesus Garcia, VP of Business Development, added, “Our market proven PayExpedite® solution will integrate seamlessly into the Barbados payments ecosystem to serve the government of Barbados’ plans to reduce (and longer term eliminate) the number of cash and cheque transactions while reducing the costs of these traditional payment methods. Each participating financial institution will have at its disposal a robust real time payments platform capable of supporting new service offerings such as emergency payments, P2P payments, digital wallets, eCommerce, and others. The ease, speed, and security capabilities of the PayExpedite® platform will facilitate the country’s transition to a more digital economy.”

These same financial institutions will be able to process consumer, corporate and government payments in real time through a multitude of banking channels. PaySett’s PayExpedite® product has been deployed across multiple countries offering regional financial institutions the opportunity to manage real time payments across their entire geographical market.

About PaySett Corporation

Atlanta Georgia based PaySett Corporation is a global provider of payment software solutions. PaySett provides products/services to assist global financial entities to effectively manage the way money moves throughout their organizations and for their customers. PaySett’s two decades of experience moving payments through national and international payment networks has allowed for the development of advance payment software for assisting global banks with the capability to enhance their regional and global payment network processing capabilities. Twelve of the top twenty global banks process payments through PaySett software.

Natalie Garraway, Deputy Chairman, BACHSI Barbados.

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Nasdaq to Deliver Market Technology to the Jamaica Stock Exchange

The Exchange will leverage Nasdaq’s matching engine and market surveillance technology

CaribPR Wire, STOCKHOLM, Sweden, and KINGSTON, Jamaica, April 01, 2019: Nasdaq Inc. (Nasdaq:NDAQ) and the Jamaica Stock Exchange (JSE) have signed a new seven-year agreement for Nasdaq to deliver matching engine and market surveillance technology (SMARTS) to the Jamaica Stock Exchange.

By tapping Nasdaq’s technology, the JSE, as part of its strategy will be able to bolster their product and service delivery regionally and globally. Further, via the Nasdaq Matching Engine, JSE will have the ability to offer new products, enhance current trading capabilities and improve the latency of order execution. The market surveillance technology will provide the exchange the ability to closely monitor trade activities while strengthening market integrity.

”There are no boundaries that are beyond the JSE, as the organization continues to explore the use of technology that Nasdaq provides to ensure that our shareholders value are maximized and the confidence of the market remains high,” said Marlene Street Forrest, Managing Director, JSE. “This partnership with Nasdaq is another step to keep apace with the world’s financial markets. We expect that this relationship will enable the JSE and its member dealers to design and create new products and services facilitated by the cutting-edge technology that Nasdaq will provide.”

“The Jamaica Stock Exchange has been at the forefront of modernizing the Caribbean region’s financial markets,” said Carlos Patino, Head of Latin America and the Caribbean, Market Technology, Nasdaq. “By leveraging our trading and surveillance solutions, JSE will be operating on the world’s most widely-used trading technology for exchanges in the world. This is a key indicator of their dedication to build Jamaica’s capital market ecosystem into an important hub for finance and commerce. We look forward to a productive, long-term partnership with the JSE.”

Nasdaq’s market technology powers more than 250 of the world’s market infrastructure organizations and market participants, including broker-dealers, exchanges, clearinghouses, central securities depositories and regulators, in over 50 countries with end-to-end, mission-critical technology solutions.

About the Jamaica Stock Exchange

The Jamaica Stock Exchange (JSE) provides a fair and efficient stock market. It is a well regulated and agile organization which is celebrating its 50th anniversary this year. It continues to provide the local, regional and global financial markets with opportunities to invest, grow businesses and mobilize capital.

As the leading Exchange in the Caribbean, The JSE has been strategically forging partnership with other industry players to ensure that our subsidiary, the Jamaica Central Securities Depository (JCSD), our shareholders and the general public are able to maximize any opportunities that arises.

The impact of the JSE on the local economy and its consistent performance of have not gone unnoticed, and in 2015 and 2018 the Jamaican Stock Market was declared the ”Best performing Stock Market in the World” (Bloomberg).

About Nasdaq

Nasdaq (Nasdaq:NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today’s global capital markets. As the creator of the world’s first electronic stock market, its technology powers more than 100 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. Nasdaq is home to approximately 4,000 total listings with a market value of approximately $15 trillion. To learn more, visit: http://business.nasdaq.com.

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Canada Life Reinsurance enters into €5.5bn longevity risk reinsurance agreement with SRLEV N.V. (VIVAT)

DUBLIN, March 6, 2019 /PRNewswire-HISPANIC PR WIRE/ — Canada Life Reinsurance is pleased to announce that it has recently entered into a long-term longevity reinsurance agreement with VIVAT covering 70% of €8 billion of in-force liabilities. More than 150,000 of in-payment and deferred pensioners are reinsured by Canada Life Reinsurance under this agreement.

Jeff Poulin, Global Head of Canada Life Reinsurance, commented, “I am pleased to announce this significant reinsurance transaction, which highlights our strength in working effectively with VIVAT to structure a longevity risk solution to efficiently manage their overall risk. This transaction adds to our diverse longevity reinsurance portfolio and demonstrates how, together with Arpian, we create large, complex and unique risk transfer structures backed by our financial strength to benefit our clients.”

Canada Life Reinsurance offers a range of innovative risk and capital management solutions covering mortality, longevity, health and lapse risks for insurers, reinsurers and pension funds across the U.S. and Europe, including the Netherlands, the U.K., France, Germany, Italy, Spain, Portugal, Sweden, Belgium and Ireland.

About VIVAT
VIVAT NV is the holding company for, among others, SRLEV NV, VIVAT Schadeverzekeringen NV, Proteq Levensverzekeringen NV, ACTIAM NV and Zwitserleven PPI NV. VIVAT’s subsidiaries are also active on the Dutch market with, among others, the Zwitserleven, Reaal and ACTIAM brands. A balance sheet total of €56 billion (end of December 2018) makes VIVAT one of the largest insurers in the Netherlands. Anbang Group Holdings Co. Ltd., a full subsidiary of Anbang Insurance Group Co. Ltd, is the sole shareholder of VIVAT NV. For more information please visit www.vivat.nl.

About Canada Life
Canada Life is part of a group of companies owned by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. To learn more, visit canadalifere.com.

About Great-West Lifeco Inc.
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. Great-West Lifeco has operations in Canada, the United States and Europe through Great-West Life, London Life, Canada Life, Irish Life, Great-West Financial and Putnam Investments. Great-West Lifeco and its companies have approximately €0.9 trillion (C$1.4 trillion) in consolidated assets under administration as of December 31, 2018 and are members of the Power Financial Corporation group of companies. Great-West Lifeco trades on the Toronto Stock Exchange (TSX) under the ticker symbol GWO. To learn more, visit greatwestlifeco.com.

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Trinidad & Tobago’s First Citizens Group Becomes Visa Loyalty Solutions Premium Partner

- Bank is one of the first in the Caribbean to implement Visa Loyalty Solutions, a cutting-edge digital payment platform and loyalty program co-created by fintech and insurtech company novae and leading payment technology company Visa

- With VLS, First Citizens, already a pioneer in Internet banking and mobile banking in Trinidad & Tobago, has incorporated a powerful tool to increase customer loyalty

PORT OF SPAIN, Trinidad and Tobago, Feb. 22, 2019 /PRNewswire-HISPANIC PR WIRE/ – Trinidad-based First Citizens Group has received the Premium Partner designation from fintech and insurtech company novae and leading payment technology company Visa for being one of the first banks in the Caribbean to adopt Visa Loyalty Solutions (VLS), the white-label digital loyalty platform the two companies recently co-created.

From left to right: Jorge Salum, Sr. Director, Business Development, Caribbean for Visa; Jorge Lemus, SVP and Group Country Head, Caribbean and Central America for Visa; Avril Edwards, General Manager of Electronic Banking for First Citizens Group; and Facundo Mendez, Managing Director of Enterprise, Growth & Loyalty for novae.

Over the years First Citizens has introduced a number of innovations locally, including Internet banking and mobile banking. It has also been recognized on several occasions for excellence in innovation, communications technology and e-commerce by the Energy Chamber of Trinidad and Tobago.

VLS is a user-centric, universal, cross-border, all-digital, mobile-first, white-label loyalty platform for banks that enables consumers and merchants to redeem points anytime, anywhere, from any device (mobile, desktop or wearable) and using multiple payment methods (credit, debit, points or split payment), while offering banks superior customer care, same-day activation and easy administration.

Thanks to VLS’s single, smart payment solution on an invisible and securely encrypted payment platform, First Citizens clients will be able to register rewards as digital currency that can be used alone or split with other payment methods, such as credit or debit cards registered on the platform, to make payments online and contactless in-store around the world.

Finally, by integrating artificial intelligence and machine learning, VLS’s technologies will help First Citizens better analyze the interactions and purchase behaviors of its clients to present increasingly relevant offers, while retaining contact information, payment and travel preferences.

novae not only created the technology behind the digital platform, but also the program’s impressive network of international travel rewards, to which First Citizens customers will now have access. A powerful metasearch engine and partnerships with major worldwide travel aggregators enable users to get preferential pricing and exclusive deals at more than 400,000 hotels in 25,000 cities; 70,000 flights to 1,700 destinations on 130 airlines; 500 car rental companies at 30,000 locations in 170 countries; 2 million vacation rental properties in 190 countries; and 10,000 tours and other entertainment options in 90 countries.

First Citizens Group’s VLS Premier Partner designation is the latest of several awards and recognitions the bank has received. The bank was awarded the Best Bank in Trinidad and Tobago by Euromoney Award for Banking Excellence 2016 and also received an affirmed rating of BBB+/A-2 from Standard & Poor’s. Other awards bestowed on the bank over the years include Safest Bank in the English-speaking Caribbean in 2015, 2011 and 2010 (Global Finance Magazine); Best Bank In Trinidad & Tobago in 2015, 2014, 2012, 2010 and 2009 (World Finance); Bank Of The Year 2015 and 2009 (The Banker Magazine) and Bank of The Year in 2009 (Latin Finance).

“First Citizens Group is proud to have received the Visa Loyalty Solutions Premium Partner designation, which recognizes our bank’s positioning as a first adopter of cutting-edge digital and mobile solutions,” said Avril Edwards, General Manager of Electronic Banking for First Citizens Group.

“Visa Loyalty Solutions offers First Citizens a seamless and flexible digital experience that adds value and provides an unmatched customer experience,” said Ricardo Tafur, Vice President of Consumer Products for Visa in Latin America and the Caribbean.

“VLS gives First Citizens an important differentiator in this competitive retail banking market,” said Jorge Lemus, SVP and Group Country Head, Caribbean and Central America for Visa.

“As a pioneer in mobile and Internet banking, First Citizens has always offered customers cutting-edge solutions to meet their banking needs. With Visa Loyalty Solutions, they have added a powerful tool in their arsenal to maximize loyalty, boost spend and increase operational efficiency,” said Facundo Mendez, Managing Director of Enterprise, Growth and Loyalty for novae.

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DoubleLine UCITS Funds Now Available on Allfunds Bank Platform

LOS ANGELES, Oct. 24, 2018 /PRNewswire-HISPANIC PR WIRE/ – DoubleLine Capital LP has begun offering its Luxembourg-domiciled UCITS funds on the Allfunds Bank platform, an open architecture, worldwide distributor of mutual funds.

“Allfunds is one of the leading international distribution platforms,” said Ron Redell, executive vice president of DoubleLine. “The availability of DoubleLine Funds (Luxembourg) on this distribution network is strategically important for DoubleLine’s UCITS funds global expansion.”

The term UCITS stands for Undertakings for the Collective Investment of Transferable Securities, an open-end fund vehicle available in Europe, Latin America and many other countries outside the U.S. The sub-funds of the DoubleLine Funds (Luxembourg) UCITS currently include the DoubleLine Shiller Enhanced CAPE® equity sub-fund, which is co-managed by DoubleLine Alternatives LP and DoubleLine Capital LP, and DoubleLine Short Duration fixed income sub-fund, which is managed by DoubleLine Capital LP. Depending on an investor’s country of residence, the sub-funds are available via retail and institutional share classes denominated in various currencies.

Allfunds Bank Group offers integrated fund solutions (operational, analysis and information). Created in 2000, today Allfunds Bank has more than €370 Billion assets under administration and offers more than 64,400 funds from over 1,200 fund managers. Allfunds Bank Group has a local presence in Luxembourg, Switzerland, United Kingdom, Spain, Italy, United Arab Emirates, Singapore, Chile and Colombia and has more than 605 institutional clients, including major commercial banks, private banks, insurance companies, pension funds, fund managers, financial supermarkets, international brokers, and specialist firms from 45 different countries. Allfunds Bank Group operates in Asia through the entity of Allfunds Singapore Branch.

About DoubleLine Capital LP

DoubleLine Capital LP is an investment adviser registered under the Investment Advisers Act of 1940. As of the September 30, 2018 end of the third quarter, DoubleLine Capital and its related companies (”DoubleLine”) managed approximately $123 billion in assets across all vehicles, including open-end mutual funds, collective investment trusts, closed-end funds, exchange-traded funds, hedge funds, variable annuities, UCITS and separate accounts. DoubleLine’s offices can be reached by telephone at (213) 633-8200 or by e-mail at [email protected]. Media can reach DoubleLine by e-mail at [email protected]. DoubleLine® is a registered trademark of DoubleLine Capital LP.

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Must Read Whitepaper, ‘Making Money With Network Slicing’, Hits The Shelves

Network Slicing Leader Cloudstreet Showcases the Vast Opportunities of this Promising New Mobile Business Model

CaribPR Wire, Espoo, Finland & Berlin, Germany, Oct. 23, 2018: Cloudstreet, ‘The Network Slicing Company’, is pleased to announce the publication of its most recent industry whitepaper, “Making Money with Network Slicing”. A business-forward take on the practice, the paper puts slicing at the very center of the mobile industry’s transition now underway. With a focus on practical, market-ready models, the authors unravel the misconceptions about Network Slicing, exploring its potential to disrupt the cultural and business logjams that have hampered growth.

Less about technology than a new way of doing business, Network Slicing has quickly risen from a mere buzzword to a budget line item, as mobile operators retool for the opportunities to come

“Inherently disruptive, it will create new business ecosystems to support unique and evolving demands that touch quite literally every industry sector and market segment. Like any evolution, it will start small and then scale exponentially as demand grows and the practice becomes more refined. The financial returns will quickly follow and soon become a core top line revenue generator.”

Showcasing several high-value, low-barrier examples including Fixed Wireless, Private LTE, Mobile Gaming and Live User Generated Content, to name a few, the study charts a carrier-friendly course for Network Slicing in today’s 4G networks, and a cogent strategy for staying competitive in what promises to be a highly competitive market in 5G.

“No doubt but that carriers need to lead the way and begin the process of transforming their businesses today” said Mika Skarp, Founder and CEO of Cloudstreet “The next generation of telecom isn’t just about improvements in speed and latency. These are not selling points in and of themselves, but reliability is,” he adds. “There are huge expectations of mobile networks that go well beyond what new antennas and spectrum alone can address. The moment that carriers move on from Best Effort to differentiated Quality-of-Experience and SLA-based business models, the next-generation of mobile will truly begin”

On the occasion of the paper’s publication, Mika Skarp wil be delivering a companion presentation at the Broadband World Forum, Network Slicing Summit, in Berlin Tuesday, October 23rd, 2018.

Analyst firm Arthur D. Little suggests that in meeting these demands, carriers can expect a 34% boost in revenues to 2026. That’s a big jump from today’s annual growth average of about 1%. But as the whitepaper points out, addressing the unique needs of multiple segments, particularly in industry 4.0, means being mission-critical ready, leveraging the power of Network Slicing to deliver virtualized dedicated resources to customers of all stripes. And it’s that special recipe, argue the authors, that will have a positive knock-on disruptive effect.

“Traditional go-to-market cycles will accelerate, mobile operator relationships with enterprise, government and small business will become more strategic, networks will become more efficient, resource allocation more logical and both current and future investments in capacity will show dramatically greater return.”

Drawing on years of experience as the first to deploy a market-ready Network Slicing capability at scale, as well as some of the most advanced PoCs, including a demonstration of End-to-End Network Slicing at the recent Telecom Infra Project’s TIP Summit 18 in London, Cloudstreet provides key insights from across functional groups, to paint a clear picture of this promising, soon-to-be defining feature of mobile networks.

Readers interested in the whitepaper can visit the Cloudstreet web site for their online or printable version. Any Mobile Operators interested in a consulting session with Cloudstreet on how Network Slicing can help them achieve their business objectives are invited to email us at [email protected]


About Cloudstreet

Finland-based Cloudstreet is a US and EU patented Network Slicing innovator dedicated to revolutionizing the mobile experience, empowering user choice and driving new MNO revenues. Leveraging the power of Software Defined Networks and Network Function Virtualization (SDN/NFV), Cloudstreet provides the world’s first in-market, carrier-grade Network Slicing Platform. Tailoring Quality of Experience to user demand and context, Cloudstreet delivers application-aware slices for any use case with SLA-assured performance for capacity, latency and throughput. Awarded the EC’s Horizon 2020 grant and Best Connectivity Solution (WCA16), Cloudstreet’s cost-reducing, revenue-generating platform is deployable in today’s 4G networks for any 5G-envisioned network slicing use cases. Visit us at www.cloudstreet.co.

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Fidelis Insurance Raises Approximately $1.5 Billion In Initial Capital From Leading Investors; Innovative Hybrid Model Designed To Maximize Return On Equity

Industry Veterans Richard Brindle and Neil McConachie to Lead Company

Crestview Partners, CVC Capital Partners and Pine Brook are Founding Investors

HAMILTON, Bermuda, June 9, 2015 /PRNewswire/ — Fidelis Insurance Holdings Limited (”Fidelis” or “the Company”), a newly-formed specialty insurance and reinsurance provider employing an innovative model to optimize both the underwriting and asset sides of the balance sheet, today announced that it has secured approximately $1.5 billion in equity capital. This marks one of the largest industry capital raises ever, and immediately makes Bermuda-based Fidelis an important new underwriter in the global market. The Company has received an A.M. Best rating of A- (Excellent).

Fidelis was founded and will be led by two renowned industry veterans: Richard Brindle, who will serve as Group Chief Executive Officer and Chief Underwriting Officer, and Neil McConachie, who will be Group Chief Financial Officer. Previously, both Brindle and McConachie successfully built Lancashire Holdings from a startup to a London Stock Exchange-listed $2.4 billion market cap company that consistently outperformed its peers.

The founding investors are funds of Crestview Partners, CVC Capital Partners, and Pine Brook, private equity firms with deep financial services expertise who have invested a combined $650 million. Principals from all three firms backed members of the Fidelis team at their previous companies. The remainder of the capital investment comes from individual investors, family offices and institutional investors. The total capital raised was comprised of both preferred and common equity.

“We are very excited to introduce a new, stronger model to the insurance industry with Fidelis,” said Brindle. “By focusing on either assets or liabilities, legacy insurance models have failed to optimize shareholder returns, and the low returns generated by fixed income investments have been challenging. Fidelis will pursue a total return strategy by tactically shifting capital and risk between insurance and investments to maximize our return on equity across market cycles. We hope that others follow this model, as we strongly believe it will be very good for the industry, resulting in more responsible and less volatile underwriting.”

“But we are first and foremost an underwriting company,” Brindle continued. “We have a vastly experienced management team that is strongly supportive of the traditional broker distribution network and has, over decades, developed many strong broker and client relationships. These relationships will sit at the heart of everything we do at Fidelis.”

In contrast to reinsurers who give exclusive investment manager mandates to their hedge fund owners, Fidelis will allocate capital to top-tier managers running more diverse strategies that are well-suited to different parts of its book, and will have the ability to change managers and allocations. Fidelis Chief Investment Officer Edward Russell will manage the investment portfolio under the direction of the Investment Committee, working closely with advisor Goldman Sachs’ Alternative Investments & Manager Selection (AIMS) Group.

“In addition to seeking returns that outperform peers, we believe the diversification in assets will protect Fidelis against financial market volatility better than a single-manager strategy would,” said McConachie. “Optimizing across hard and soft underwriting markets, as well as through different investment cycles makes Fidelis not only a strong new player, but also very attractive for investors looking to reduce downside risk.”

Fidelis will underwrite a book of insurance and reinsurance business principally in the property, energy, marine and aviation risk classes. The Company expects to begin underwriting immediately.

Fidelis was advised by Clifford Chance US LLP and PricewaterhouseCoopers LLP. In addition, Goldman, Sachs & Co. acted as a financial advisor to Fidelis and as the placement agent for the capital raise. Crestview Partners and Pine Brook were advised by Skadden, Arps, Slate, Meagher & Flom LLP, and CVC Capital was advised by Cadwalader, Wickersham & Taft LLP, AON Securities Inc. and KPMG LLP.

About Fidelis Insurance
Fidelis Insurance Holdings Limited is a privately owned Bermuda-based holding company, which, through its wholly-owned subsidiaries, is a global provider of specialty insurance and reinsurance products for property, energy, marine and aviation risk classes. Fidelis employs a total return strategy by tactically shifting capital and risk between insurance and investments to maximize the return on equity across market cycles. Fidelis is rated A- (Excellent) by A.M. Best Company, Inc. Additional information regarding Fidelis may be found at www.fidelisinsurance.com.

About Crestview Partners
Founded in 2004, Crestview Partners is a value-oriented private equity firm focused on the middle market. The firm is based in New York and manages funds with over $7 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview’s senior investment professionals primarily focus on sourcing and managing investments in each of the specialty areas of the firm: energy, financial services, healthcare, industrials and media. For more information, please visit www.crestview.com.

About CVC Capital Partners
CVC Capital Partners is one of the world’s leading private equity and investment advisory firms. Founded in 1981, CVC today has a network of 22 offices and over 300 employees throughout Europe, Asia and the US. CVC has a dedicated global financial services team with deep property and casualty insurance expertise, having led investments in a number of successful insurance and reinsurance companies in Bermuda, the United States and the United Kingdom. To date, CVC has secured commitments of over $79 billion in funds from a diverse and loyal investor base, completing over 300 investments in a wide range of industries and countries across the globe, with an aggregate transaction value of over $120 billion. For further information about CVC please visit: www.cvc.com.

About Pine Brook
Pine Brook is an investment firm that manages more than $6.0 billion of limited partner commitments that makes “business building” and other equity investments, primarily in energy and financial services businesses. Pine Brook’s team of investment professionals collectively has over 300 years of experience financing the growth of businesses with equity, working alongside talented entrepreneurs and experienced management teams to build businesses of scale without relying on acquisition leverage. For more information about Pine Brook, please visit the company’s web site at www.pinebrookpartners.com.

Note Regarding Forward-Looking Statements
Certain information contained in this release constitutes “forwardlooking statements,” which can be identified by the use of forwardlooking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forwardlooking statements. The company undertakes no obligation to update any such forward-looking statements resulting from any change in facts or circumstances or new developments.

All references to “$” are to U.S. Dollars.

CONTACT: US Media Contact – Tom Faust, Stanton Public Relations & Marketing, (646) 502-3513, [email protected], or UK Media Contact – Peter Rigby, Haggie Partners, +44 207 562 4444, [email protected]

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