Cleary Helps JC Flowers Nab KBC Insurance Unit For €244M

Law360, New York (October 17, 2011, 5:34 PM EDT) -- After being told by the European Commission to boost its capital reserves, Belgian banking and insurance company KBC Group NV announced Monday it had sold its Fidea insurance unit to private equity investor J.C. Flowers & Co. LLC for €243.6 million ($334 million).

Antwerp, Belgium-based Fidea had been targeted for sale since at least March, when KBC reluctantly sold its retail banking unit Centea to Credit Agricole SA for $737 million as part of a divestment and capital improvement strategy.

Like the Centea sale, the Fidea...
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