Slaughters and Links advise as RSA kicks off £773m rights issue
Slaughter and May and Linklaters have advised on troubled British insurer RSA Insurance Group's £773m rights issue.
March 26, 2014 at 09:16 AM
2 minute read
Slaughter and May and Linklaters have advised on troubled British insurer RSA Insurance Group's £773m rights issue.
Slaughters is advising longstanding client RSA with a team led by corporate partner Andy Ryde, who is flanked by employment partner Roland Doughty and tax partner Mike Lane.
The firm teamed up with Paul Weiss Rifkind Wharton & Garrison, which provided US law advice. Paul Weiss fielded a team headed by corporate partner Mark Bergman.
Linklaters are advising the underwriters on the deal. These are JP Morgan Cazenove and Bank of America Merrill Lynch. Corporate partner John Lane and London-based US-qualified capital markets partner Patrick Sheil are leading for the magic circle firm.
RSA has launched the rights issue in a bid to restore its capital position. It comes in the wake of a difficult 12 monhts for the insurer, which saw it incur substantial weather-related costs and face a probe into accounting irregularities in its Irish operation.
Slaughters landed RSA as a client in 2006, when it advised the insurer on the £158m sale of its US business and delisting from the New York Stock Exchange.
The firm has advised RSA on matters including the insurance of its pension liabilities, which totalled £1.9bn, in 2009, and sits on RSA's global legal panel.
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