State of Connecticut
 
Connecticut Insurance Department

PROPOSED ACQUISITION OF CONTROL - DOCKET # EX 18-11

In the Matter of:

PROPOSED ACQUISITION OF CONTROL OF
SPARTA INSURANCE COMPANY

BY

APOLLO GLOBAL MANAGEMENT, LLC, AND
LEON BLACK, JOSHUA HARRIS, AND MARC ROWAN

DOCKET # EX 18-11


OVERVIEW

On February 20, 2018, APOLLO GLOBAL MANAGEMENT, LLC, and LEON BLACK, JOSHUA HARRIS, and MARC ROWAN (the “Applicants”), filed an application on Form A with the Connecticut Insurance Department (the “Department”) pursuant to Conn. Gen. Stat. §38a-130 and Regs., Conn. State Agencies §38a-138-6 (the “Application”) requesting approval by the Insurance Commissioner of the State of Connecticut for the proposed acquisition of control (the “Proposed Acquisition”) of the Connecticut domestic insurer SPARTA INSURANCE COMPANY (the "Domestic Insurer"). The Proposed Acquisition will be effected pursuant to the terms of an Agreement for the Sale and Purchase of Catalina Holdings (Bermuda) Ltd. (the Domestic Insurer being an indirect wholly owned subsidiary of Catalina Holdings (Bermuda) Ltd.) dated October 10, 2017

Total consideration to be paid by the Applicants in the transaction shall be approximately $875 million, subject to certain possible adjustments set forth in the Purchase Agreement, in connection with the sale of Catalina Shares, less any amount attributable to any Catalina Shares that are retained (or subject to rollover) by the Management Sellers, plus any "ticking fee," as described in the Form A.

As required by Conn. Gen. Stat. §38a-132 and Regs., Conn. State Agencies §38a-138-6 a public hearing will be held on the Proposed Acquisition of the Domestic Insurers within thirty days after the Application is deemed complete in all respects. When the Application is complete, a notice of public hearing will be issued to consider the Proposed Acquisition.



The following is a list of all documents related to the Proposed Acquisition which are available for public viewing. Some documents which include trade secrets or personal data have been exempted from public inspection pursuant to the Connecticut Freedom of Information Act. (see Conn. Gen. Stat. §1-210).



Amended and Restated Form-A and Supplemental Filings





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