Firms To Watch: Insurance: non-contentious

Led by Daniel A. Rabinowitz, Kramer Levin Naftalis & Frankel LLP‘s insurance practice offers comprehensive support in various transactional and regulatory domains. From mergers and acquisitions to capital markets, reinsurance, restructurings, securitization, structured finance, company investments, and corporate governance, their expertise extends across all lines of insurance and reinsurance, both domestic and international.

Insurance: non-contentious in United States

Debevoise & Plimpton LLP

The multidisciplinary practice at Debevoise & Plimpton LLP’s insurance team offers a comprehensive range of services spanning complex transactions, representation for insurers, reinsurers, and private equity funds in high-value M&A and financing endeavors, as well as assistance with intricate pension risk transfers and cross-border deals. Led by seasoned corporate partners Marilyn Lion and Nicholas Potter, based in New York, the practice boasts a diverse group of lawyers dedicated to M&A, finance, capital markets, regulatory compliance, taxation, and litigation. Further notable figures in New York include Alexander Cochran, specializing in insurance industry transactions and David Grosgold offering expertise in domestic and international corporate transactions. Additionally, Drew Dutton heads the firm’s private funds transactions group, bringing valuable experience in anchor investments, co-investments, joint ventures, and secondaries transactions; while Eric Dinallo, chairs the insurance regulatory practice. Notably, this year saw recent additions to the practice’s partner ranks, including Andrew Jamieson, promoted to partner in 2022, focusing on advising private equity firms and corporate clients on intricate transactions and Kristen Matthews, elevated to partner in May 2023, both based in New York.

 


Practice head(s):

Marilyn Lion; Nicholas Potter


Other key lawyers:

Alexander Cochran; David Grosgold; Drew Dutton; Andrew Jamieson; Kristen Matthews; Eric Dinallo


Testimonials

‘Regarding the regulatory department, the amazing connections it has with various state regulatory departments. The Debevoise & Plimpton attorneys have access to all levels of state regulatory personnel, including the highest levels where change can be implemented.’

‘Eric Dinallo and Marshal Bozzo are an amazing team! They both formerly worked at the DFS and were able to communicate on the client’s behalf with all levels of DFS personnel in order to effectuate the implementation of a program in under six weeks. In contrast, a competitor in seven months achieved half the results that Eric and Marshal completed in one tenth of the time.’

Key clients

American International Group


Bain Capital


Brookfield Asset Management


Constellation Insurance Holdings


Covéa Mutual Insurance Group


Everest Re


Fortitude Group Holdings LLC


Global Atlantic Financial Group


Manulife Financial


MetLife Insurance Company


Oaktree Capital Management, L.P.


Progressive


Prosperity Life Group


Prudential Financial Inc.


Resolution Life US Matters


Sun Life Financial Inc.


TIAA


The Blackstone Group


The Travelers Companies, Inc.


Wilton Re Group


Work highlights


  • Advising Fortitude Re in its $28 billion reinsurance transaction with The Lincoln National Life Insurance Company (Lincoln Financial Group), where Lincoln will reinsure a large piece of its universal life insurance and fixed annuity business to Fortitude subject to customary regulatory approvals.
  • Advising The Prudential Insurance Company of America in the sale of a group annuity contract to IBM, a transaction valued at $16 billion and the largest pension risk transfer transaction since 2012.
  • Advised Constellation Insurance Holdings, Inc., backed by institutional investors Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan Board (Ontario Teachers’) in a $10 billion block reinsurance transaction by its subsidiary The Ohio National Life Insurance Company with Pruco Life Insurance Company, an affiliate of Prudential Financial.

Eversheds Sutherland

With both domestic and international strength, Eversheds Sutherland’s insurance team offers experience across various sectors, including life and annuity, property and casualty insurance, reinsurance transactions, Bermuda platform establishment, third-party capital investments, insurance asset management and regulation. Particularly notable is their proficiency in pension risk transfer transactions and developing, registering, and ensuring compliance with 1940 Act registered UIT/separate accounts funded variable insurance products. Bert Adams, bringing significant experience in advising on complex corporate insurance sector mergers and acquisitions, and Ling Ling, a recognized expert in insurance, reinsurance, and financing transactions co-head the practice from New York. Alongside them, John S. Pruitt, the deputy practice group leader, offers deep experience, focusing on reinsurance, insurance regulation, and emerging issues. Other key contacts in New York include Cynthia R. Shoss, with extensive experience in insurance regulation; Jim Dwyer, experienced in representing major insurers in various transactions including acquisitions, demutualization, and restructurings and Kevin Finnegan, an expert in financial services transactions. Michele Spencer, based in Washington DC, handles issues related to mergers, acquisitions, and regulatory compliance. Notably, the practice saw a number of new partner hires in 2023, including Rachel Reid in Atlanta from an in-house role, Renée Dailey in New York from Akin, and Dan Brown in California from McDermott Will & Emery LLP.

 

 

Practice head(s):

Bert Adams; Ling Ling; John S. Pruitt


Other key lawyers:

Kevin Finnegan; Michele Spencer; Dan Brown; Cynthia R. Shoss: Jim Dwyer; Daren Moreira


Testimonials

‘Preeminent experts in all fields they represent.’ 

‘True service mind-set, available whenever I ask. Will get other SMEs on the line at a moment’s notice.’

 

Key clients

Allianz S.E.


Allstate


Arch Capital Group Ltd.


Associated Electric & Gas Insurance Services Ltd.


Capital One


Columbian Mutual Life Insurance Company


Empower Retirement


Fairfax Financial


Further Global


GIC


Great-West Life & Annuity Insurance Company


Horace Mann Educators Corporation


IGM Financial


Legal & General


MAPFRE U.S.A. Corp.


MassMutual


Munich Re and Munich America Reassurance Corporation


Mutual of America Life Insurance Company


National Western Life Insurance Company


Pacific Life


Pan American Life


Pension Insurance Corporation


Phoenix Life Limited


Royal & Sun Alliance


Securian Financial


Security Benefit Life


Symetra Financial Corporation


Talcott Resolution


Unum


Venerable Annuity


Voya Financial


Western & Southern Life


Wilton Re


Zurich Insurance Group Ltd.


Work highlights


  • Advised Allianz on its reinsurance of an innovative US$35-billion fixed index annuity portfolio that its subsidiary Allianz Life Insurance Company of North America has written.
  • Advised IGM Financial Inc. in its US$622 million purchase of an approximately 20.5 percent equity interest in Rockefeller Capital Management.
  • Advised Securian Financial in connection with the auctioned sale of its retirement recordkeeping business to Standard Insurance Company.

Willkie Farr & Gallagher LLP

Described as ‘highly responsive, very experienced and a pleasure to deal with,Willkie Farr & Gallagher LLP‘s insurance transactional and regulatory practice is renowned for its handling of significant M&A, capital markets, and ILS/alternative risk transfer transactional matters within the insurance industry. The practice boasts a unique strength in alternative risk transfer reinsurance cessions, catering to both risk sellers and buyers. Co-headed by Alexander Dye and John Schwolsky in New York, the practice focuses on M&A, capital markets insurance transactions, and the restructuring of troubled insurers, alongside demutualization transactions. Other key figures in the New York practice include corporate and securities law specialist Michael Groll, reinsurance transactions expert Elizabeth Bannigan, and Allison Tam, co-chair of the insurance regulatory group, renowned for her strong national and international restructuring transaction expertise. Kara Baysinger, based in San Francisco, serves as co-chair of the firm’s insurance regulatory and insurtech groups, representing national and international insurance and reinsurance companies, insurtech, and technology companies on a wide array of regulatory, compliance, and strategic matters.

Practice head(s):

Alexander Dye; John Schwolsky


Other key lawyers:

Michael Groll; David Luce; Kara Baysinger; Allison Tam; Elizabeth Bannigan


Testimonials

‘Willkie Farr’s insurance industry practice led by John Schwolsky is quite simply best in class in all respects. This team, and in particular, John, combines first rate expertise in securities regulation with international US and US state insurance regulation, mergers and acquisitions services, and industry lore and insights in a way unmatched by their competitors. Simply put, John is the best in the world and what he does.’

‘The WFG US team is extremely competent, highly responsive, very experienced and a pleasure to deal with. The team led by David Luce is well resourced with new associates being brought on who are increasingly able to handle complex matters in a timely and professional manner.’

‘I have worked with the Willkie noncontentious insurance practice group for many years. They are, in my view, unquestionably the best firm I have worked with in this area. They are highly experienced, very smart, client-service oriented, business savvy, sensitive to client legal fee considerations, quite responsive and easy to work with. They are in great demand with respect to insurance transactional work, and it is easy to understand why. I would enthusiastically and unconditionally recommend them to anyone seeking highly capable legal counsel in this area of the law.’

‘John Schwolsky, the partner who heads this practice area at Willkie, is an absolute standout. I have relied on his judgment and counsel for many years, have worked with him to resolve the most challenging legal issues, and value both his deep experience and pragmatic bent. He makes sure that the rest of his team is reliably strong and always available to help. If there is a better lawyer in this area, I haven’t met him or her.’

‘Has deep bench strength in insurance and financial services M&A. Very adept at recommending practical solutions to deal issues and structuring.’

‘Alex Dye provides great advice and because he is involved in so many insurance transactions are fantastic source for what is market.’

‘WFG is best in class in advising on the insurance market. They have a breadth and depth that makes them a go-to firm for us. ’

‘The depth of knowledge and experience is significant and results in advice that is on point and practical.’

Key clients

Alleghany Corporation


Allied World Assurance Company Holdings, Ltd


Aquiline Capital Partners


Assured Guaranty


California State Automobile Association


CNO Financial


CVS/Aetna


Dai-ichi Life Insurance Company


Delaware Life Insurance Company of New York


eHealth


Fidelity National Financial, Inc.


First American Financial Corporation


FIS


FTV Capital


General Motors/OnStar Insurance


Generali


KKR & Co.


Metromile


Mitsui Sumitomo Insurance Co.


Mutual of Omaha


Nationwide


New York Life


Next Insurance


NORCAL Mutual


Protective Life Corporation


QBE Insurance


Rhino Insurance


Sixth Street


Spinnaker Insurance Company


Stone Point Capital


Telenav


TigerRisk Partners LLC


Travelers


Truist Insurance Holdings, Inc.


Trupanion


Velocity Risk


Versant Health


Volante Global


Voya Financial, Inc.


W.R. Berkley Corporation


Work highlights


  • Advised Alleghany Corporation in its acquisition by Berkshire Hathaway for approximately $11.6 billion.
  • Advised Prudential Financial, Inc. on its agreement to reinsure a $12.5 billion guaranteed universal life block with Somerset Re.
  • Advised Warburg Pincus in the launch of Prismic Life Reinsurance, Ltd. with Prudential Financial, Inc.

Latham & Watkins

Supported by the addition of Gary Boss and his team from Clifford Chance, Latham’s insurance practice represents some of the largest global insurers and reinsurers, private equity firms, top-tier asset managers, and financial investors in the insurance and broader financial services sectors. This client portfolio complements Latham’s existing strong insurance and private equity client base, bolstering the firm’s position as a comprehensive solution provider for clients seeking guidance on intricate transactions. Based in New York, Boss specializes in private equity insurance M&A and the establishment of capital raises for new companies in the insurance and reinsurance sectors. He adeptly advises clients and their portfolio companies on navigating today’s highly regulated markets, both locally and internationally. Other key figures in the practice include Analisa Dillingham, based in New York, who focuses on alternative capital work, insurer investments, Insurtech, and insurance regulatory matters. Meanwhile, also in New York, Kirsten Gaeta brings her expertise in corporate and transactional matters alongside regulatory expert Benjamin Lee and Teresa Wendel offering extensive experience working with major P&C and life and health insurers and reinsurers. Additionally, counsels Alexander Traum and Dean Agnos, also based in New York, further strengthen the practice.

 

Practice head(s):

Gary Boss


Other key lawyers:

Analisa Dillingham; Kirsten Gaeta; Alexander Traum; Dean Agnos; Teresa Wendel; Benjamin Lee


Key clients

Apollo


Leonard Green & Partners


The Carlyle Group


J.P. Morgan


Harrington Reinsurance Holdings Limited and Harrington Re Ltd.


Reinsurance Group of America


AXIS


Aegon


Mubadala Investment Company PJSC


William Penn Life Insurance Company of New York


Work highlights


  • Advised Apollo on the purchase by Apollo affiliated insurance companies, third-party insurance managed accounts, and other institutional clients of $500 million of surplus notes issued to a wholly owned indirect subsidiary of Reinsurance Group of America, Incorporated.
  • Advised Stone Point Credit, the credit-investing platform of alternative investment firm Stone Point Capital, and AXIS Capital (NYSE: AXS), a global specialty underwriter and provider of insurance and reinsurance solutions, together with its direct and indirect subsidiaries and branches, in the launch of Monarch Point Re, a newly created collateralized reinsurer.
  • Advised Reinsurance Group of America, Incorporated (“RGA”), a global leader in mortality risk with more than $3 trillion of life reinsurance in force, on the structuring, formation and capital raise of a new Missouri-based reinsurance vehicle sponsored by RGA.

Mayer Brown

Praised for their ‘excellent credentials, breadth, and depth in their coverage,’ Mayer Brown offers closely integrated cross-border teams that advise on some of the most significant deals in the market. Leading the practice from New York, David Alberts and Stephen Rooney co-head the team, with Alberts specializing in work for both the life and non-life insurance sectors, while Rooney represents insurers and underwriters in domestic and international offerings of debt, equity, and hybrid securities. Other key figures in the New York practice include Vikram Sidhu, who brings extensive experience in transactions involving both US and non-US entities across various lines of insurance, and Yuliya Feldman, renowned for her assistance to clients in formation and licensing, product and program development, (re)insurance transactions, cybersecurity compliance and insurance regulatory filings associated with corporate changes. Additionally, with the recent additions of partners Jared Wilner from Locke Lord LLP, former NY Department of Financial Services partner Justin Herring, and Allison Lee from Debevoise & Plimpton LLP, the firm has further strengthened in New York.

Practice head(s):

David Alberts; Stephen Rooney


Other key lawyers:

Vikram Sidhu; Jared Wilner; Yuliya Feldman; Allison Lee; Justin Herring


Testimonials

‘Mayer Brown is a fantastic law firm. I have worked with hundreds of firms throughout my career and Mayer Brown is the best. Their insurance regulatory practice combines premier relationships and superior subject matter expertise. They are unbelievably responsive and almost always pick up the phone whenever I call or return my message shortly.’

‘The Mayer Brown team has excellent credentials, breadth and depth in their coverage of the insurance-linked securities space. The partners and associates are highly familiar with the issues, provide reliable and consistent advice, are proactive and responsive, and take a commercial perspective to complex transactions.’

‘Mayer is the most well-rounded insurance and reinsurance corporate bench in the industry. Full-service firm that makes it tough to consider anyone else.’

‘Stephen Rooney leads his team from the top down and is an excellent manager of multiple moving parts. He ensures that work is done at the appropriate billing level as required for each project. The breadth of knowledge and expertise of his insurance team is fantastic, and their service levels and availability are without fault. Quality of work delivered is always exactly on point and delivered in a timely manner.’

‘The Mayer Brown team work cohesively together. Stephen Rooney expertly manages and oversees his entire team each of whom are extremely professional and knowledgeable. It is an absolute pleasure doing business with them day after day.’

‘Mayer Brown’s team, from associates to partners, is incredibly strong. It is rare to find a well-rounded team with such depth (as opposed to one or two partners), but Mayer Brown’s partners and associates are impressive. They are very responsive and able to respond quickly to any inquiry I have sent. They have been able to manage complex tasks effectively and efficiently within budget. Mayer Brown has an impressively diverse insurance team.’

‘Vikram Sidhu has a rare combination of sophisticated and well-rounded knowledge with the ability to give practical, accessible advice. I have been continually impressed with Vikram’s ability to manage challenging situations with ease. From deadlines to counterparties, Vikram handles it all with calmness and never loses his view of the big picture. Vikram is a pleasure to work with.

‘I have really enjoyed working with Jared Wilner. Jared is well-versed in the insurance transactional marketplace and has been able to provide great support on complex transactions.’

Key clients

The Hartford Financial Services Group, Inc.


Beazley Group


Equitable


AIG


Nationwide Mutual Insurance Company


Tokio Marine


Munich Re


Partner Re


Chubb


QBE


Work highlights


  • Advised QBE Insurance Group Limited in the sale of its diversified portfolio of business to Enstar Group Limited.
  • Advised Randall & Quilter in the formation of a new joint venture with Obra Capital and the acquisition of a wholly owned subsidiary, Mine Safety Appliances Company, LLC, from MSA Safety Incorporated.

DLA Piper LLP (US)

DLA Piper LLP (US), led by Aidan McCormack in New York, encompasses a multidisciplinary team proficient in all facets of transactions involving insurers, reinsurers, MGAs, brokers, and insurtech companies. In addition to transactional work, the practice aids fund managers and insurance companies in establishing insurance-focused funds and investments. Leveraging their global reach, the team is adept at supporting clients in intricate cross-border engagements, often advising on global M&A, private equity/venture capital, corporate, and finance attorneys to offer comprehensive advice. In Chicago, Stephen Schwab focuses on international trade, particularly in insurance and reinsurance regulation, compliance, transactions, dispute resolution, and receiverships, while David Mendelsohn brings extensive experience representing insurers, reinsurers, brokers, and other clients in various transactions, including complex regulatory matters and mergers and acquisitions. Furthermore, key figures such as Matthew Gorra, based in Baltimore, offer transactional expertise across a broad range of industries, advising both private and public clients from both seller and buyer perspectives.

Practice head(s):

Aidan M. McCormack


Other key lawyers:

David Mendelsohn; Stephen Schwab; Matthew Gorra


Testimonials

‘Generally, potential clients should be interested in the following about DLA Piper: very good consulting skills throughout the phases of an engagement, ability to assess and position a case if it is likely to go to the next phase (e.g., depositions and trial), and full-team trial experience. DLA Piper always is a top tier firm and performer (at all staffing levels).’

‘The group is hard-working, professional, and organized all while maintaining a pleasant demeanor.’

Key clients

Trustmark Companies


The Horton Group


Delaware Life Insurance Company


Clear Springs Life Assurance Company


HUB International, Ltd.


American Family Insurance Group


Capital & Co. Insurance Services LLC


EquiTrust Life Insurance Company


SCOR Reinsurance Company


USQRISK, LLC


Tokio Marine Kiln


Work highlights


  • Achieved a settlement of an offset plan on behalf of 50+ reinsurance counterparties in the Scottish Re U.S., Inc. rehabilitation in the Delaware Chancery Court and closed on a settlement of COVID-19 grace period extensions, resolved disputes over the standard for review of a proposed rehab plan, and are actively engaged in the development of an amended rehabilitation plan.
  • Representing and advising Israeli, Bermudan, and US debtors in Delaware bankruptcy arising out of multi-billion-dollar reinsurance security and investment transactions, most of which were fraudulent.
  • Advised Sydney-based public company, Steadfast Group in their first US acquisition and first entry into the US market.

King & Spalding LLP

King & Spalding LLP combines transactional and regulatory expertise, handling complex, interdisciplinary domestic and international mergers and acquisitions, reinsurance, and other transactions, bolstered by the team’s close collaboration with the firm’s international corporate and private equity practices. Bernhardt Nadell, based in New York, leads the practice, focusing on insurance industry mergers and acquisitions, insurance-linked securities transactions, reinsurance, insurance law and regulation, and general corporate matters. He also represents insurers and reinsurers in corporate and regulatory affairs. Supporting Nadell in New York is Gary Ho, who brings extensive experience representing acquirers and sellers, including private equity firms, insurers, reinsurers, and international financial firms, in various complex insurance-related transactions, including acquisitions of run-off companies, insurance producers, claim adjusters, annuity business, and sponsored demutualizations.

Practice head(s):

Bernhardt Nadell


Other key lawyers:

Gary Ho


Key clients

T&D Holdings, Inc./T&D United Capital North America Inc.


Atlas Merchant Capital


Obra Capital Inc.


Crédit Agricole Corporate and Investment Bank


Capital One


MAG Mutual Insurance Company


Nomura Holdings, Inc.


Catalina Holdings (Bermuda) Ltd


Arrowpoint Capital Corp.


Munich RE


ACON Investments


Trive Capital


CURO Group Holdings Corp.


Taiyo Life Insurance Company


T&D Financial Life Insurance Company


Afiniti, Inc.


Paceline Equity Partners


Highbridge Capital Management


Blackstone Securities


Leadenhall Capital


Kirkland & Ellis LLP

Kirkland & Ellis LLP‘s insurance practice offers comprehensive guidance on a variety of high-profile transactions, including M&A, reinsurance, joint ventures, securities offerings, and regulatory matters. Serving a diverse clientele that includes insurers, reinsurers, private equity firms, InsurTech firms, and other participants in the insurance industry, the firm provides tailored solutions to meet the specific needs of each client. Based in New York, Rajab Abbassi brings extensive experience in corporate transactions within the insurance sector, as well as expertise in strategic and governance matters. Parimah Hassouri, also in New York, complements the practice with a focus on insurance regulatory matters, providing regular counsel to both US and international insurers on a wide range of regulatory and corporate issues across various insurance sectors. Her client base encompasses entities operating in life, health, property and casualty, and title insurance industries, as well as private equity funds and other sponsors. Another key member, Kimberly Meng Han, also operating from New York, specializes in representing public companies, private equity sponsors, and private entities in a diverse array of complex business transactions, with a particular emphasis on the insurance industry.

Other key lawyers:

Rajab Abbassi; Parimah Hassouri; Kimberly Meng Han


Testimonials

‘The K&E insurance practice is extremely knowledgeable, hardworking and responsive. They are commercial and constructive (have helped us solve difficult issues without compromising the integrity of our transaction) and clearly have a solid grasp of the fundamental issues at hand.’

‘Rajab Abbassi is the primary partner we work with – he is tireless in his efforts, extremely knowledgeable and works well with opposing us and opposing counsel. This trifecta makes him unique and is why we he is one of our go-to lawyers in the insurance transactions space.’

Key clients

Abry Partners


Accretive Insurance Solutions


Antarctica Capital


Apax Partners


Bain Capital Insurance


Braemont Capital


Brightstar Capital


Castlelake, L.P.


Clayton, Dubilier & Rice


Clearcover


Davidson Kempner


Francisco Partners


HGGC


Old Republic


Ryan Specialty Group


VSP Vision


McDermott Will & Emery LLP

McDermott Will & Emery LLP‘s insurance team brings seasoned expertise to transactional, regulatory, and dispute resolution matters. Supported by a cross-border team, it offers practical support to insurers, private equity investors, and holding companies, guiding them through sales, purchases, and mergers while navigating regulatory complexities. The team also specializes in insurtech, tackling challenges such as multi-state regulatory approvals, cybersecurity, social media, intellectual property, and big data ownership. Based in New York, Michael Halsband leads the practice, bringing deep experience covering a wide array of areas within the insurance industry, from insurance broker and carrier M&A to new company formation, capital raises, complex structured transactions, and insurance-linked securities. Supporting the practice from New York, Michael Byrne represents domestic and international clients in change of control transactions, licensing and structuring, product development, and regulatory approvals, while also being a recognized leader in the insurtech space. Additionally, Thomas Dawson serves as a trusted advisor on regulatory approvals and compliance matters, with a particular focus on ESG issues, further enhancing the team’s capabilities.

 

Practice head(s):

Michael R Halsband


Other key lawyers:

Michael Byrne; Thomas Dawson; Andrea Best


Testimonials

‘The team have a commercial approach, are knowledgeable, reliable and practical in respect of the advice/service provided.’

‘Tom Dawson & Andrea Best are both very knowledgeable and can provide quick responses to specific queries.’

‘The team at MWE (in particular Michael Byrne and Michael Halsband) are imminently practical and give actionable advice. They do an exceptional job of not only helping me scope the issues but also identifying solutions that I can take back to my team to help identify the best path forward.’

‘Michael Byrne has been a critical partner since day 1 and continues to be my go-to on all things insurance regulatory.’

Key clients

Transverse Insurance Group LLC


Strategic Risk Solutions, Inc.


Assurant, Inc


Capstone Insurance Services, LLC


LogRock Inc.


General Atlantic


Liberty Mutual Insurance Company


Oka


Antidote Health


Embedded Insurance (EI)


Tacora Capital


Great Lakes Insurance SE


XL Bermuda Ltd


Partner Reinsurance Limited


Britannia Steam Ship Insurance Association