A private equity fund that is the majority-owner of an Atlanta mortgage-services provider turned to Debevoise & Plimpton for counsel on an agreement to sell the Atlanta company to an Australian firm.
QBE Insurance Group Ltd. agreed to acquire ZC Sterling Corp. for $575 million. The acquisition was announced at the same time that QBE said it was also buying two U.S. underwriting agencies and one in Europe, according to Bloomberg News.
ZC Sterling is owned Stone Point Capital LLC. Atlanta-based ZC Sterling provides outsourced services to the mortgage industry, such as managing lender-placed hazard insurance programs. QBE, of Sydney, Australia, sells general insurance and reinsurance in more than three dozen countries.
Debevoise partner Robert Quaintance was lead adviser to Stone Point Capital, according to the law firm. Edwards Angell Palmer & Dodge advised QBE.
Stone Point Capital, of Greenwich, Conn., invests in financial services and insurance companies. Other companies in Stone Point Capital’s portfolio include Atlantic Capital Bank of Atlanta, and personal lines insurance agency Lane McVicker LLC, which has an office in Alpharetta.