Specialist investment bank Fox-Pitt, Kelton said it advised German insurance group Allianz on the creation of the world's largest credit insurer, Euler & Hermes.
Credit insurers provide cover against the risk of companies failing to meet their obligations on a wide variety of debts, such as corporate bonds.
Under the deal, Euler, a French company which was already the world's leading credit insurer, bought Hermes Kreditversicherungs, the biggest German credit insurer.
Both companies are owned by AGF, which is majority-owned by Allianz. The sale values Hermes at €550m (£335m).
The new group had 2001 pro forma sales of €1.8bn (£1.09bn) and has information on 40 million companies worldwide.
Fox-Pitt, Kelton said the transaction would create value through lower underwriting risks, improved risk control, reduced costs in product development, marketing and reinsurance and improved cross-selling opportunities.
It added that it underlined its capabilities in the credit insurance sector. It was also the advisor on the merger of NCM, the Dutch credit insurer, and Gerling, a German company, as well as having lead management roles in the initial public offerings of Euler and French credit insurer Coface.
Part of the Swiss Re Group, Fox-Pitt, Kelton is the only specialist investment bank that focuses on investment institutions worldwide. It has offices in London, New York, Hong Kong and San Francisco.
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