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Liberty Mutual: Most Innovative Deal Of The Year 2012

20 June 2012

Our Corporate team represented Liberty Mutual Group on the acquisition of the general insurance business of Quinn Insurance (in Administration).  The deal was extremely complex and involved the restructuring of €1.2 billion in debt.

Martin Kelleher, a partner in Mason Hayes & Curran’s Corporate team, outlined some of the obstacles that were overcome and what the deal achieved:

The deal allowed Liberty Mutual to acquire an established general insurance business in Ireland.  Liberty Mutual is experienced in turning around troubled insurance businesses.  The alternative to the Liberty Mutual acquisition was the wind down of the business, the loss of 1,500 jobs and a significantly increased call on the Insurance Compensation Fund…The transaction was negotiated, signed and completed during a period of unprecedented volatility in Ireland, including the IMF bail-out and the change of Government.  It is a testament to Liberty Mutual’s commitment to its recently acquired Irish business, both employees and policyholders, that it worked steadfastly during this period to surmount all obstacles to complete the deal.'

You can find out about other deals that we have advised on here

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