Document ID: chunk:federal_register_of_legislation:F2022N00002:body:0:p1
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Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20% No 27 of 2021

 Financial Sector (Shareholdings) Act 1998

 To: Tango Holdings, Inc. (Delaware) (Tango) and its associates and the persons listed in               Schedule 1 ('the applicants')

 SINCE:

    1. On 25 November 2008, Aspen Insurance Holdings Limited and Aspen (UK) Holdings Limited were granted approval under section 14(1) of the Financial Sector Shareholdings Act 1998 ('the Act') to hold a 100% stake in Aspen (UK) Holdings Limited (AIUK), an authorised insurer under the Insurance Act 1973 authorised to carry on insurance business in Australia via its Australia branch ('existing approval 1');

   B.   On 18 November 2014 Aspen Insurance Holdings Limited and its associates were granted approval under section 14(1) of the Act to hold a 100% stake in AIUK and Aspen Fenchurch Limited now Aspen European Holdings Limited (UK Company), each financial sector companies under the Act ('existing approval 2');

   C.  On 11 February 2019, Highland Holdings Ltd Bermuda and its associates were granted approval under section 14(1) of the Act to hold a 100% stake in Highland Holdings Ltd Bermuda now Highlands Bermuda Holdco Ltd, Aspen Insurance Holdings Limited (Bermuda), Aspen European Holdings Limited (UK) and AIUK, each financial sector companies under the Act ('existing approval 3');

   D.  Each of the respective existing approval holders (except for APJ Continuation Limited; Aspen Re America CA LLC and Aspen Re America Risk Solutions LLC, which no longer exist) has requested that existing approval 1, existing approval 2 and existing approval 3 be revoked from the time the applicants are granted an approval to hold a 100% stake in the financial sector companies specified in Schedule 2 ('the financial sector companies');

   E.   The applicants have applied under section 13(1) of the Act for approval to hold a 100% stake in the financial sector companies specified in Schedule 2;

   F.   I am satisfied it is in the national interest to grant the approval.

 I, Sharyn Reichstein, a delegate of the Treasurer:

     (a)   under section 18(3) of the Act revoke the existing approval 1, existing approval 2 and existing approval 3; and

     (b)   under section 14(1) of the Act approve the applicants holding a 100% stake in the financial sector companies specified in Schedule 2.

 The approval commences on the day it is made and remain in force indefinitely.

 Dated: 17 December 2021

 [Signed]

 Sharyn Reichstein General Manager Insurance Division

 Interpretation

 Act means the Financial Sector (Shareholdings) Act 1998.
 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