Nicholas Potter is a corporate partner, Co-Chair of the firm’s Financial Institutions Group and a member of the firm’s Mergers & Acquisitions ...
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U.S. Life Insurance and Annuity Transactions
- 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 its merger with Mutual Trust Holding Company.
- Blackstone Group’s Tactical Opportunities Group in its 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 Group in its cash merger with a subsidiary of Global Atlantic Financial Group.
- Resolution Life Holdings in its formation and initial capitalization, including 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 Financial Group 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.
- Forethought Financial in the acquisition of the individual annuity platform of The Hartford Financial Services Group.
- 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.
- Protective Life Insurance Company in the $628.1 million acquisition, together with Athene Holding Ltd., of Liberty Life Insurance Company, the U.S. life insurance and annuity business of Royal Bank of Canada, and its $316 million acquisition of United Investors Life Insurance Company from Torchmark Corporation.
- 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.
- Merrill Lynch in its $1.3 billion sale of Merrill Lynch Life Insurance Company and ML Life Insurance Company of New York to AEGON, and the formation of a strategic business relationship with AEGON.
U.S. Property & Casualty Insurance Transactions
- J.P. Morgan Securities and Morgan Stanley as financial advisors to American International Group in its $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 Insurance in the sale of Summit Holdings Southeast and its related companies to American Financial Group.
- Third Point Re in its $317 million initial public offering of common stock.
- Bank of America Merrill Lynch as financial advisor to Nationwide Financial in its $760 million merger with Harleysville Mutual.
- Macquarie Capital as financial advisor to Erie Indemnity Company in its sale of three wholly owned property and casualty subsidiaries to the Erie Insurance Exchange.
- 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 Daimler Chrysler.
- Prudential Financial in the four-part sale of its personal lines property and casualty insurance business.
- 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 its $3.8 billion sale 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 €600 million purchase, via reinsurance, of the cash flows of a block of life insurance business from CaixaBank.
- 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.
- Third Point on the formation and initial capitalization of Third Point Reinsurance Ltd.
- 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 Holdings Ltd., 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
- 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.
- 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, Inc. 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 a $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.
- Harvard Law School, 1988, J.D.
- Harvard University, 1985, A.B.