New York – December 15, 2005 – LAWFUEL – The Law News Network – Debevoise & Plimpton LLP advised Stone Point Capital LLC and Harbor Point Limited in the capitalization of Harbor Point Limited and the closing of the acquisition of the ongoing assumed reinsurance business of Chubb Re, a subsidiary of The Chubb Corporation. Harbor Point has an initial capitalization of approximately $1.5 billion, including $1.3 billion of new equity capital and a $200 million convertible note issued to Chubb in consideration for the acquisition of the business of Chubb Re.
Harbor Point Limited is a global reinsurance company, with headquarters in Hamilton, Bermuda. Harbor Point Re Limited, the company’s reinsurance subsidiary, received approval from the Bermuda Monetary Authority in November to operate as a Class IV reinsurer, pending capitalization. With the closing of its capital raising, Harbor Point expects to commence underwriting in Bermuda immediately.
Stone Point Capital LLC, a global private equity firm based in Greenwich, Connecticut, serves as the manager of the Trident Funds, which have raised more than $3 billion in committed capital to make investments in the insurance, employee benefits and financial services industries. Debevoise & Plimpton LLP is a leading international law firm with offices in New York, Washington, D.C., London, Paris, Frankfurt, Moscow, Hong Kong and Shanghai.
The Debevoise team was led by partner Andrew L. Sommer and included partner Seth L. Rosen and associates Shahm Munib Al-Wir, Michael D. Devins, Pierre Maugüé, Serge Mezhburd and Tracy D. Mullings.