Federal Register of Legislation - Australian Government

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This instrument revokes existing approval and grants new approval for each of the applicants to hold a 100% stake in Domestic & General Insurance and the companies.
Administered by: Treasury
Registered 07 Dec 2021
To be repealed 31 Oct 2022
Repealed by Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No. 6 of 2022

 

Commonwealth Coat of Arms

 

 

 

Revocation of existing approval and granting

of  new   approval  to  hold   a  stake  in   a  financial   sector company of more than 20% No. 21 of 2021

Financial Sector (Shareholdings) Act 1998

 

To: The companies listed in Schedule 1 (the Existing Approval Holders) and the companies listed in Schedule 2 (the Applicants)

 

 

SINCE

 

A.            On 26 November 2019 the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in in Domestic & General Insurance Plc ABN 11 124 040 768 ('Domestic & General Insurance') and the then holding companies of Domestic & General Insurance (‘the Existing Approval’); and

 

B.            the applicants have applied for an approval under section 13 of the Act, to hold a stake of 100% in Domestic & General Insurance and each of the companies listed in the attached Schedule 3, financial sector companies under the Act ('the companies'); and

 

C.           the Existing Approval Holders have requested that the Existing Approval be revoked; and

 

D.           I am satisfied that it is in the national interest for each Applicant to hold a stake in Domestic & General Insurance and the companies of more than 20%.

 

I,     Michael Murphy, a delegate of the Treasurer:

 

(a)          under subsection 18(3) of the Act, REVOKE the Existing Approval; and

 

(b)          under subsection 14(1) of the Act, APPROVE each of the Applicants to hold a 100% stake in Domestic & General Insurance and the companies.

 

 

This instrument commences on the day it is made and remains in force indefinitely. Dated: 6 September 2021


 

[Signed]

 

Michael Murphy

General Manager (Acting) Insurance Division

 

 

 

Interpretation

 

In this instrument:

APRA means the Australian Prudential Regulation Authority.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

 

Note 1. This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

 

Note 2. The Treasurer or the Treasurer’s delegate is required to give a copy of this instrument to the financial sector company.

 

Note 3. Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company of an authorised deposit-taking institution or authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.


 

SCHEDULE 1 - the Existing Approval Holders

1.    Abu Dhabi Investment Authority (LEI no. J1Y4PL5OEWM2K0OMTW95);

2.    Silver Holdings S.A (LEI no. 222100D1GIMIQH763G11).;

3.    Luxinva S.A. (LEI no. 222100M3SSS7X8LR6168);

4.    CVC Capital Partners VII (A) L.P. (Registered no. LP2333);

5.    CVC Capital Partners VII Associates L.P. (Registered no. LP2440);

6.    CVC Capital Partners Investment Europe VII L.P. (Registered no. LP2334);

7.    CVC Capital Partners Finance Limited (Registered no. 85104, Jersey);

8.    Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);

9.    Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);

10.     Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);

11.     Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);

12.     Opal Galaxy Holdings Limited (Registered no. RC129317, Jersey);

13.     Galaxy Midco 2 Limited (Registered no. 113708, Jersey);

14.     Galaxy Finco Limited (Jersey) (Registered no. 113706);

15.     Galaxy Bidco Limited (Jersey) (Registered no. 113705);

16.     Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);

17.     Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);

18.     Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);

19.     Domestic & General Group Acquisitions Holdings Limited (Registered no. 98464, Jersey);

20.     Domestic & General Acquisitions Limited (Registered no. 98513, Jersey); and

21.     Domestic & General Group Limited (Registered no. 1156896, UK).

 

Note: Where indicated the place of incorporation of each of the companies in Schedule 1 appears in the brackets after the name of the company.

 

 

 

SCHEDULE 2 - the Applicants

1.    CVC Nominees Limited (Registered no. 98888);

2.    CVC Capital Partners SICAV-FIS S.A. (Registered no. B138220);

3.    CVC Capital Partners 2013 PCC (Registered no. 108317);

4.    CVC MMXII Limited (Registered no. 108722, Jersey);

5.    CVC Portfolio Holdings Limited (Registered no. RC110154);

6.    CVC Management Holdings Limited (Registered no. RC121677);

7.    CVC Group Holdings L.P. (Registered no. 1395, Jersey);

CVC Capital Partners Fund Holdings Limited (Registered no. 132086);

8.    CVC Capital Partners VII Limited (Registered no. RC122497);

9.    CVC Capital Partners Investment Europe VII L.P. (Registered no. LP2334);

10.     CVC Capital Partners VII (A) L.P. (Registered no. LP2333);

11.     CVC Capital Partners VII Associates L.P. (Registered no. LP2440);

12.     Opal Galaxy Holdings Limited. (Registered no. RC129317, Jersey);

13.     Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);

14.     Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);

15.     Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);

16.     Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);


17.     Domestic & General Limited (Registered no. 113707, Jersey);

18.     Galaxy Midco 2 Limited (Registered no. 113708, Jersey);

19.     Galaxy Finco Limited (Registered no. 113706, Jersey);

20.     Galaxy Bidco Limited (Registered no. 113705, Jersey);

21.     Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);

22.     Domestic & General Group Finance 1 Limited (Registered no. 98462, Jersey);

23.     Domestic & General Group Finance 2 Limited (Registered no. 98463, Jersey);

24.     Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);

25.     Domestic & General Acquisitions Limited (Registered no. 98513, Jersey);

26.     Domestic & General Group Limited (Registered no. 1156896, UK);

27.     Domestic & General Insurance Plc (Registered no. 00485850, UK);

28.     Abu Dhabi Investment Authority (LEI no. J1Y4PL5OEWM2K0OMTW95); 29.. Silver Holdings S.A. (LEI no. 222100D1GIMIQH763G11); and

30.. Luxinva S.A. (LEI no. 222100M3SSS7X8LR6168).

 

Note: Where indicated the place of incorporation of each of the companies in Schedule 2 appears in the brackets after the name of the company.

 

 

Schedule 3 – the Holding Companies of Domestic & General Insurance

 

1.    Opal Galaxy Holdings Limited (Registered no. RC129317, Jersey);

2.    Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);

3.    Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);

4.    Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);

5.    Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);

6.    Domestic & General Limited ((Registered no. 113707, Jersey);

7.    Galaxy Midco 2 Limited (Registered no. 113708, Jersey);

8.    Galaxy Finco Limited (Registered no. 113706, Jersey);

9.    Galaxy Bidco Limited (Registered no. 113705, Jersey);

10.     Domestic & General Group Holdings Limited (Registered no. 98460, Jersey); 11.Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);

12.     Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);

13.     Domestic & General Group Acquisitions Holdings Limited (Registered no. 98464, Jersey);

14.     Domestic & General Acquisitions Limited (Registered no. 98513, Jersey); and

15.     Domestic & General Group Limited (Registered no. 1156896, UK).

 

Note: The place of incorporation of each of the companies in Schedule 3 appears in the brackets after the name of the company.