Experience

• U.S. Life Insurance and Annuity Transactions

  • The Standard in its acquisition of The Allstate Corporation’s Employer Voluntary Benefits business in a transaction valued at approximately $2 billion.
  • Third Point in the launch of Malibu Life Reinsurance SPC, a licensed life and annuity reinsurer based in the Cayman Islands.
  • Bain Capital in its strategic investment in Emerald Bay Risk Solutions, a collaborative underwriting carrier.
  • Global Atlantic, a retirement and life insurance company, in the retrocession of approximately $5 billion of long-term care reserves assumed from Manulife’s U.S. business.
  • Global Atlantic, a retirement and life insurance company, in the $2.7 billion sale of its remaining 37% stake to KKR, increasing KKR’s ownership to 100%.
  • Brookfield Reinsurance in its acquisition of American Equity Investment Life Holding Company in a transaction valued at approximately $4.3 billion.
  • Global Atlantic, a retirement and life insurance company, in the closing of its $2.4 billion Ivy II reinsurance co-investment vehicle.
  • Prudential Financial in the acquisition of a majority interest in Deerpath Capital Management and its associated affiliates by PGIM, the $1.2 trillion global investment management business of Prudential.
  • Resolution Life in its strategic partnership with Blackstone, including a $500 million strategic investment, for its life insurance and annuity consolidation business.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in the reinsurance of $35 billion in fixed indexed annuities from Allianz Life.
  • Manulife, a Canadian multinational insurance company and financial services provider, in its reinsurance deal with Venerable, a provider of risk transfer solutions to variable annuity issuers, releasing approximately $2 billion in capital.
  • Sun Life in its $2.475 billion acquisition of DentaQuest.
  • Jackson and Prudential plc in the separation of Jackson through a demerger, in a transaction valued at approximately $2.5 billion and that establishes Jackson as an independent, publicly-traded company.
  • The initial purchasers in the offering and sale of $650 million 3.125% senior notes due 2031 by Global Atlantic Financial Group.
  • Assurant in the $1.3 billion sale of its Global Preneed business to CUNA Mutual Group.
  • MassMutual in its $3.5 billion acquisition of Great American Life, a wholly owned subsidiary of American Financial Group.
  • Entities managed by Blackstone in the $2.8 billion acquisition of Allstate Life Insurance Company.
  • Global Atlantic, a retirement and life insurance company with $70 billion in investable assets, in its $4.4 billion sale to KKR.
  • Prudential plc and Jackson National in the reinsurance to Athene of $27.6 billion of Jackson’s in-force fixed and fixed index annuities and a $500 million equity investment in Jackson’s holding company.
  • Blackstone in its $2.7 billion sale of F&G to Fidelity National Financial.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its $1.25 billion acquisition of Voya Financial’s individual life in-force business.
  • RL LP in its sale of Lincoln Benefit Life to an affiliate of Kuvare US Holdings.
  • Jackson National Life Insurance in its agreements to reinsure John Hancock Life Insurance’s Group Payout Annuity business.
  • Resolution Re in the reinsurance of structured settlement annuity contracts and income annuity contracts from Symetra Life Insurance Company.
  • LKCM Headwater Investments in its investment in a Texas-domiciled life insurer with a sole focus on the structured settlement market.
  • Prosperity Life Insurance in its sale to an investor group led by Elliott.
  • Cornell Capital as a lead investor in the $2.05 billion acquisition of Talcott Resolution, The Hartford’s run-off life and annuity businesses.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its sale of Lincoln Benefit Life to Global Bankers Insurance Group. (Terminated)
  • Kuvare in its acquisition of United Life Insurance Company.
  • The special purpose acquisition vehicle CF Corporation and Blackstone in the $1.835 billion acquisition of Fidelity & Guaranty Life.
  • A major life insurer in a purchase price adjustment dispute.
  • Wilton Re in its acquisition of Aegon Transamerica’s two largest U.S. run-off businesses.
  • Sun Life Financial in its $975 million acquisition of Assurant’s Employee Benefits business.
  • StanCorp Financial Group in its $5 billion sale to Meiji Yasuda Life Insurance Company.
  • Morgan Stanley, as financial advisor to Pan-American Life Mutual Holding Company, in Pan-American Life Mutual Holding Company's merger with Mutual Trust Holding Company.
  • Blackstone Group’s Tactical Opportunities Group in the acquisition of Philadelphia Financial Group from Tiptree Financial.
  • Protective Life in its $5.7 billion merger with a subsidiary of Dai-ichi Life, a life insurance company listed on the Tokyo stock exchange.
  • Forethought Financial in its cash merger with a subsidiary of Global Atlantic Financial Group.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its formation and initial capitalization, related to its $587 million acquisition of Lincoln Benefit Life Company from Allstate Life Insurance Company, which included reserve financing, a reinsurance facility and bank debt.
  • Goldman Sachs and Global Atlantic in the separation of Goldman Sachs' insurance and reinsurance businesses from Goldman Sachs.
  • Global Atlantic, a retirement and life insurance company, in its acquisition of the life insurance business of Aviva USA.
  • AXA Financial in the $1.06 billion sale of MONY Life Insurance Company and reinsurance of an in-force book of life insurance policies to Protective Life Insurance Company.
  • Sun Life Financial in the $1.35 billion sale of certain of its U.S. subsidiaries.
  • Prudential Financial in its acquisition of The Hartford’s Individual Life Insurance business.
  • Prudential Financial in pension de-risking transactions involving the sale of group annuity contracts to the pension plans of Verizon, Motorola Solutions, Bristol-Myers Squibb and General Motors.
  • Pan-American Life Insurance in its acquisition of select businesses and assets from MetLife in the Caribbean, Panama and Costa Rica.
  • Harbinger Group in its $350 million acquisition of Old Mutual U.S. Life Holdings.
  • Sun Life Financial and Sun Life Assurance Company of Canada in Sun Life's sale of its life reinsurance business to Berkshire Hathaway Life Insurance Company of Nebraska.
  • Swiss Re Life & Health in its $1.3 billion U.S. individual life retrocession transaction with Berkshire Hathaway and a $1.0 billion XXX financing.
  • Hannover Re in its acquisition of ING individual life reinsurance business from Scottish Re and a $500 million XXX financing.

• U.S. Property & Casualty Insurance Transactions

  • Ambac in the $420 million sale of its legacy financial guarantee businesses, Ambac Assurance Corporation and Ambac UK, to funds managed by Oaktree Capital Management.
  • Everest Re in its $1.5 billion public offering of common shares.
  • Bregal Sagemount in its strategic growth investment in Neptune Flood Incorporated, a leading digital insurtech platform and private flood insurance provider.
  • StanCorp Financial Group in its acquisition of the Life & Disability business from Elevance Health.
  • The Travelers Companies in the acquisition of the technology and development teams of Trōv, a digital insurance provider and one of the first and leading insurtech companies.
  • Lazard, as financial advisor, in The Allstate Corporation’s division of certain Michigan private passenger auto insurance policies.
  • The Allstate Corporation in its acquisition of Safe Auto Insurance Group.
  • Blackstone's Tactical Opportunities Group in its investment in SUNZ Holdings, a leading provider of workers compensation insurance and related services such as claims administration, policy administration, and customer support.
  • MetLife in the $3.94 billion sale of its auto and home business to Zurich Insurance Group subsidiary Farmers Group.
  • Cornell Capital and Hudson Structured Capital Management in their acquisition of a majority interest in Vault Insurance.
  • Third Point Re in its $788 million merger with Sirius Group.
  • Alaska National Insurance Company in its acquisition by Copperpoint Insurance Companies.
  • Liberty Mutual in a book roll/reinsurance transaction with respect to a book of AIG business.
  • Arias Holdings and 2-10 Holdco in the sale of home warranty company 2-10 Holdco to Genstar Capital.
  • MAPFRE Insurance in its agreement to provide Safeco Insurance the opportunity to underwrite its personal lines policies in the states of Indiana, Kentucky and Tennessee.
  • Paraline Group and ICAT in the sale of ICAT to the Schinnerer Group, a subsidiary of Marsh & McLennan Companies.
  • J.P. Morgan Securities and Morgan Stanley, as financial advisors to American International Group, in American International Group’s $3.4 billion sale of United Guaranty Corporation, the leading private mortgage insurance company in the United States, to Arch Capital Group.
  • National General Insurance in its $90 million acquisition of the Lender-Placed Insurance business of QBE North America.
  • Liberty Mutual in the sale of Summit Holdings Southeast and its related companies to American Financial Group.
  • Bank of America Merrill Lynch, as financial advisor to Nationwide Financial, in Nationwide Financial’s $760 million merger with Harleysville Mutual.
  • Macquarie Capital, as financial advisor to Erie Indemnity Company, in Erie Indemnity Company's sale of three wholly owned property and casualty subsidiaries and shares of Erie Family Life Insurance to the Erie Insurance Exchange.
  • Paulson & Co. in its $77.9 million purchase from Conseco of 16.4 million common shares and warrants to purchase 5.0 million common shares.
  • Liberty Mutual in its $6.2 billion acquisition of Safeco Corporation.
  • Liberty Mutual in its $2.7 billion acquisition of Ohio Casualty Group.
  • The Special Committee of Tower Group’s Board of Directors in Tower’s $530 million acquisition of CastlePoint Holdings.
  • Cerberus Capital Management in the insurance aspects of its $14 billion acquisition of GMAC and $7.4 billion acquisition of Chrysler Group and related financial services business from DaimlerChrysler.
  • Prudential Financial in the sale of its personal lines property and casualty insurance businesses in four separate transactions to Liberty Mutual Group, Palisades Safety and Insurance Association, Nationwide Mutual Insurance Company and Haverford (Bermuda).

• Cross-Border Transactions

  • Canada Pension Plan Investment Board in its sales of an aggregate of $374 million of shares of common stock of Enstar Group ($191 million back to Enstar and $183 million sale to Sixth Street).
  • Japan Post Holdings in its purchase of a strategic stake of approximately 7% of outstanding common shares of Aflac.
  • Canada Pension Plan Investment Board in its $1.1 billion acquisition of Ascot from American International Group.
  • MBIA in the sale of its UK subsidiary to Assured Guaranty.
  • Exor as insurance M&A counsel in its contested $6.9 billion acquisition of PartnerRe, a Bermuda-based reinsurance company.
  • Morgan Stanley, as financial advisor to Symetra Financial Corp, in the $3.8 billion sale of Symetra Financial Corp to Sumitomo Life.
  • Canada Pension Plan Investment Board in its $1.8 billion acquisition of Wilton Re, a U.S. life insurance and reinsurance provider.
  • Assurant in its investment in Iké Asistencia, a services assistance business with operations in Mexico and other countries in Latin America.
  • Berkshire Hathaway in its $778 million acquisition of future cash flow from Caixa Bank’s life insurance portfolio.
  • A subsidiary of Berkshire Hathaway in its acquisition of Hartford Life International Limited, an Irish domiciled variable annuity writer, for approximately $285 million.
  • Markel Corporation in its $3.13 billion acquisition of Alterra Capital Holdings, a listed Bermuda reinsurer.
  • Goldman Sachs Reinsurance Group in its acquisition of the Bermuda-based reinsurance operations of Ariel Holdings.
  • MassMutual in the sale of its interest in its Taiwan-based affiliate, MassMutual Mercuries Life Insurance Co.
  • MBIA Insurance Corporation in its acquisition of the shares of Channel Re, a Bermuda monoline reinsurance company, held by non-MBIA shareholders.
  • American International Group in its sale of AIG Life Insurance Company of Canada to BMO Financial Group.
  • Prudential Financial in its acquisition of Kyoei Life Insurance Company in one of the first major investments by a U.S. life insurance company in the Japanese market.

• Insurance Financing Representations

  • Swiss Re Life & Health in its $1.5 billion letter of credit-based XXX financing with JP Morgan.
  • Prudential Financial in the financing of AXXX and XXX reserves.
  • MBIA in a $1 billion investment by Warburg Pincus and a $1.15 billion public equity offering.
  • MBIA Insurance Corporation in its $1 billion surplus note offering.
  • Hartford Life in a $1.4 billion letter of credit-based AXXX financing.
  • Prudential Financial in its $3 billion privately placed XXX financing.
  • Swiss Re Life & Health and its subsidiary Reassure America Life Insurance Company in an "embedded value" securitization transaction.
  • Goldman Sachs as an initial purchaser in the "Orkney I" XXX financing.