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

Administered by Department of the Treasury

Legislation au F2021N00304 Not in force Notifiable Instrument

Legislation content

 

 

 

 

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

 

  1. 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.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.