Federal Register of Legislation - Australian Government

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This instrument revokes the existing approval and grants new approval for each of the Applicants to hold a 100% stake in Domestic & General Insurance Plc and each of the financial sector companies set out in Schedule 3.
Administered by: Treasury
Registered 15 Jun 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. 6 of 2022

Financial Sector (Shareholdings) Act 1998

 

To: The Existing Approval Holders listed in Schedule 1 and the Applicants listed in Schedule 2.

 

 

SINCE

 

A.            On 6 September 2021 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 Domestic & General Insurance Plc ABN 11 124 040 768 ('Domestic & General Insurance'), an authorised insurance company, and the then financial sector companies of Domestic & General Insurance (‘the Existing Approval’);

 

B.            On 21 January 2022 the Existing Approval Holders requested that the Existing Approval be revoked;

 

C.           On 21 January 2022 the Applicants applied to the Treasurer under section 13 of the Act, to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies as set out in Schedule 3; and

 

D.           I am satisfied that it is in the national interest for each Applicant to hold a stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3 of more than 20%.

 

I, Sharyn Reichstein, a delegate of the Treasurer:

 

(a)                under subsection 18(3) of the Act, revoke the Existing Approval on and from 31 October 2022; and

 

(b)               under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3.

 

This approval commences on the day it is made and remains in force indefinitely.


Date: 10 June 2022

 

 

Sharyn Reichstein General Manager Insurance Division

 

 

 

Interpretation

 

In this instrument:

authorised insurance company has the meaning given in section 3 of the Act.

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.

 

Notes

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.              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);

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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 Holdings Limited (Registered no. 140080);

5.              CVC Management Holdings II Limited (Registered no. 135003);

6.              CVC Capital Partners Fund Holdings II Limited (Registered no. 136889);

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

28.       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 financial sector companies in addition to Domestic & General Insurance

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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