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European law firm Fieldfisher has advised MATRIX Insurance and Reinsurance Brokers, a leading independent broker at Lloyd’s, on a significant bond finance facility with Howden Broking Group and the linked acquisition of shares in Matrix by Howden.
The strategic partnership between the two companies and the provision of a financing facility last year enabled Matrix to fund the acquisition in Greece of Piraeus Insurance & Reinsurance Brokerage SA from Greek multinational financial services company, Piraeus Bank SA.
On Friday 10 April, Howden went on to acquire a stake in Matrix.
Headquartered in Athens, MATRIX specialises in financial lines, D&O Liability, E&O and structured insurance products, including those for capital enhancement solutions for the financial services industry, primarily in Southern and Eastern Europe.
Its partnership with London-headquartered Hyperion was cemented last year, giving the UK insurer a foothold in the Greece and access to Southern Europe's marine insurance market.
Founded in 2003, MATRIX became a registered broker at Lloyd’s in September 2012 and has additional offices in Cyprus, South Africa, and Turkey with business in 22 countries via network partnerships.
Fieldfisher acted as counsel to MATRIX in its negotiation of the investment, having advised the company on arranging its original financing deal with Hyperion in 2019.
Commenting on the transaction, David Wilkinson, corporate partner at Fieldfisher who led the team advising MATRIX, said:
"We are pleased to have assisted MATRIX in its financing arrangements with Hyperion, as both businesses seek to expand their presence in Southern and Eastern Europe's burgeoning marine insurance market.
"At a time when many businesses are struggling with continuity due to the coronavirus lockdown, it is encouraging to be able to help clients proceed with long-term plans despite the challenging circumstances."
About Fieldfisher
Fieldfisher is an enterprising European law firm built around people. We have market-leading practices in our four key sectors of energy and natural resources, technology, financial services and life sciences.
Our network spans over 1500 people across 25 international offices, all of which offer clients highly commercial, pragmatic advice.
We are based in Belgium, China, France, Germany, Italy, Luxembourg, the Netherlands, Ireland, Spain, the UK and the US.