FRP supports Crestline Investors on its investment in ST&R Insurance

Financial and tax due diligence services support insurance sector investment

Background

Crestline Investors is an alternative investment manager founded in 1997 and headquartered in Fort Worth, Texas. The firm also operates affiliate offices in London, New York, Toronto and Tokyo. As at 30 September 2025, Crestline manages more than 18 billion US dollars of credit assets across capital solutions, direct lending and portfolio finance strategies.

ST&R is a leading provider of non-indemnity life insurance products to customers across the UK. Crestline’s investment will support the next phase of the company’s growth by enabling continued development of its technology platforms, strengthening its operating model and expanding its commercial capabilities.

Action

FRP was appointed to provide financial and tax due diligence to support the transaction. The assignment was led by Partner Justin Matthews and Director James Norman, together with Partner Dan Conway as regulatory specialist, and supported by FRP’s trusted external tax advisers.

The team worked closely with Crestline and ST&R, along with the wider group of buy side advisers, to deliver a comprehensive review of the financial and tax position of the business. FRP’s previous experience supporting ST&R on earlier transactions enabled the team to provide commercial insight, technical accounting analysis and practical support throughout the negotiation process. This contributed to a smooth transaction and helped deliver a positive outcome for all parties.

Outcome

The investment from Crestline will strengthen ST&R’s ability to capitalise on a growing UK life insurance market, with increased capacity to invest in its technology infrastructure and expand its sales and operational functions.

Ed Wightman of Crestline Investors commented “We were impressed with the quality of FRP’s financial and tax due diligence support on our investment in ST&R. Their prior knowledge of the business, combined with a strong grasp of its accounting nuances, led to insightful analysis that provided clarity throughout the transaction.”