London-based corporate finance house Kinmont this week worked on a deal that saw turnaround specialist Alchemy Partners agree to exit its investment insurance company Cathedral Capital, having seven years earlier advised the insurer's management on its acquisition.

Lancashire Holdings announced on Wednesday that it had agreed a deal to buy Cathedral Capital, which provides insurance and reinsurance to property, aviation, satellite, marine cargo and contingency companies, from Alchemy Partners and Cathedral management, for £266 million.