New York private equity firm Lightyear Capital LLC will acquire a controlling stake in insurance company Cooper Gay Swett & Crawford Ltd.

The firm will make the deal through its fund, Lightyear Fund III LP.

London-based Cooper Gay, which offers wholesale insurance and reinsurance, had revenues of $344 million in 2011.

Lightyear has raised more than $2.5 billion in capital. Its portfolio companies include BakerCorp. and Argus Software Inc. 

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