Browne Jacobson has advised Carbon Underwriting Limited ("Carbon") on the sale of Apiary Capital's stake in the business to FTV Capital, the US-based growth equity firm. The deal underlines the continuing appeal of the Lloyd's and London insurance market to international investors. 

Carbon is a leading specialist in delegated authority underwriting, operating its own Lloyd's syndicate with the backing of highly rated capital, market-leading underwriting talent and its own proprietary technology.  

Browne Jacobson has significant experience advising insurers, underwriters and investors operating in the Lloyd's and London markets, as well as on cross-border private equity transactions in financial services. The firm supported Carbon at every stage of this transaction, from the initial process through to completion. 

The team was led by Corporate Partner Gareth Davies and supported by Partner Matt Bolton, Associates Lydia Mills, Alys Bratch and Salwa Ali, and Trainee Solicitor Deborah Daramola. Tax advice was provided by Partner Craig Thomas (tax) and Principal Associate James Arnold, with banking support from Partner Shaun McCabe.  

Gareth Davies said: "Transactions at the intersection of specialist insurance and international private equity require real sector depth, and this is precisely the kind of deal our team thrives on. Carbon is an outstanding business, and we are delighted to have played a part in this milestone for them." 

Ben Laidlaw, Carbon Managing Director, said: "We are delighted with the enthusiasm for Carbon that we have seen through this fast-moving process, underlining the strength of the business and the strong interest in the Lloyd's and wider London insurance market. Our new investors are fully committed to our approach and we are very excited about what comes next." 

Jacqui Ferrier, Carbon CEO, said: "We are deeply grateful to the entire Carbon team, our managing agents Asta, Lloyd's, our partners, coverholders, capital providers and reinsurers for their support and commitment throughout our journey. We are very excited about the next steps working with FTV." 

Other recent highlights in the insurance and financial services sectors include advising Apiary Capital on its investment in Spanish Point Technologies and Aliter Capital, the private equity firm, on a key investment during its investment in Clarkslegal.