Credit Suisse bankrolls Goggin's insurance firm
Published 20/02/2011 | 05:00
CREDIT Suisse has emerged as a backer of Financial Credit Investments, the new company run by former Bank of Ireland boss Brian Goggin and Apollo Global Management partner Gernot Lohr.
Documents show that the company has registered a loan with Credit Suisse AG (Cayman Islands) and Credit Suisse Securities (USA) last January.
The filings indicate that Mr Goggin's new company may be involved in buying or refinancing huge blocks of "life insurance policies". These policies are now held by a trust company.
Apollo, which is headed by billionaire Leon Black, is buying €1.04bn-valued British firm Brit Insurance with fellow buyout group CVC.
The cash-strapped insurance sector is seeing a swathe of mega mergers and big-buck buyouts in recent months. Major insurance groups are seeking to sell off non-core assets in order to build up the cash reserves required by new solvency regulations.
Last year, RSA was linked with a €6bn bid for Aviva's UK and Irish business.
The Irish market could also see some major changes in coming months.
Sean Quinn's troubled Quinn Insurance is on the sales block, with both Zurich and a combined Anglo Irish Bank/Liberty Group both interested in buying the insurance company.
AIB and Bank of Ireland are also both looking to offload their insurance divisions.
Two weeks ago, the Sunday Independent revealed that Mr Goggin had become a director of the IFSC-based Financial Credit Investments, with one of Apollo's top UK partners.
It marks the banker's first foray back into corporate life after he left Bank of Ireland in 2009, following an infamous interview about his €2m pay packet.
Mr Goggin departed with an estimated €650,000-per-year pension -- and the bank subsequently received a €3.5bn state bailout.
Sunday Indo Business