Norton Rose clinched QBE International Insurance as a client when it pitched to advise on its bid for UK insurer Limit, which turned out to be the biggest take-over in the Lloyd's market. That deal closed last summer and this time QBE came to Norton Rose with a proposal.`The deal is unusual because the acquisition facility was financed using insurance rather than securities. A number of insurance companies are looking to use capital in different ways and take on the risk in debt finance. The transaction involved the creation of credit support and credit enhancement insurance in connection with the business acquisition facility of £21.8m from Landesbank Baden-Württemberg. The facility was provided in two tranches which were insured in full by QBE.`Regulatory issues were particularly complex because of the difference in culture between banks and insurers. Unlike in conventional insurance claims QBE had to agree to meet the demands of the policy immediately and pay out on demand.