Insurance Solutions

Experience

  • Structured Loss Sharing, De-Risking and Pension Buyouts

    • 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.
    • Wilton Re in its agreements to reinsure legacy comprehensive and nursing home long-term care insurance policies from Bankers Life and Casualty.
    • Kelso & Company in its acquisition of Risk Strategies Company, a national insurance and benefits brokerage and risk management firm, from Kohlberg & Company.
    • Nassau Reinsurance Group, a Golden Gate Capital portfolio company, in its acquisition of Universal American’s Traditional Insurance business.
    • Prudential Insurance Company of America in the sale of a group annuity to JCPenney to reduce JCPenney’s pension liabilities.
    • The Prudential Insurance Company of America in the sale of a group annuity contract to the U.S. subsidiary of Royal Philips as part of an overall transaction that will reduce Philips’ pension liabilities by $1.1 billion.
    • Sun Life in two reinsurance agreements, and a related administrative agreement, with affiliates of Enstar Group Limited.
    • Protective Life in its acquisition by reinsurance of certain in-force blocks of term life insurance from Genworth Life and Annuity Insurance Company.
    • Assured Guaranty in a $600 million excess of loss reinsurance transaction.
    • Assured Guaranty in separate structured loss-sharing arrangements with Deutsche Bank, UBS, J.P. Morgan and Bank of America with respect to certain RMBS exposures.
    • The Prudential Insurance Company of America in its agreement to sell a group annuity contract to Kimberly-Clark Corporation as part of an overall transaction that will reduce Kimberly-Clark’s pension obligations by $12.5 billion.
    • The Prudential Insurance Company of America in the sale of a group annuity contract to a leading pharmaceutical company to settle $1.4 billion of pension liabilities by providing future annuity payments to approximately 8,000 retirees.
    • The Prudential Insurance Company of America in the sale of a group annuity contract to The Timken Company to pay future pension benefits for approximately 5,000 U.S. Timken retirees and reduce pension obligations by $600 million.
    • Prudential Financial in the sale to a Motorola Solutions retirement plan of a group annuity contract that will provide annuity payments for approximately 30,000 Motorola salaried retirees as part of Motorola's plan to reduce pension obligations.
    • The Prudential Insurance Company of America in the sale to a General Motors retirement plan of a group annuity contract that will provide annuity payments for certain GM salaried retirees as part of GM’s plan to reduce pension obligations by approximately $26 billion.
    • Berkshire Hathaway in its $778 million acquisition of future cash flow from Caixa Bank’s life insurance portfolio.
  • Capital Markets

    • Ambac Assurance Corporation, a Wisconsin domiciled insurance company, in a holistic restructuring transaction that involved three exchange offers of existing debt securities and other payment obligations for approximately $2.2 billion of newly-issued debt securities, as well as a new-money financing collateralized by the future proceeds of certain litigation claims against RMBS originators.
    • AIA Group in its $500 million offering in Taiwan of 4.47% senior unsecured fixed rate notes due 2047.
    • The initial purchasers in Liberty Mutual's €750 million debut Eurobond offering of 2.75% notes due 2026.
    • PartnerRe in its €750 million debut Eurobond offering of 1.25% notes due 2026.
    • American International Group in a registered secondary offering of $3.4 billion of AerCap Holdings N.V. ordinary shares and a private sale of $750 million of AerCap Holdings N.V. ordinary shares to AerCap Holdings N.V. for $250 million in cash and $500 million of 6.50% fixed-to-floating rate junior subordinated notes issued by AerCap Global Aviation Trust.
    • MBIA, Inc. in the secondary sale of 27,250,000 shares of its common stock by Warburg Pincus.
    • Principal Financial Group in its concurrent $400 million offering of 3.400% senior notes due 2025 and $400 million offering of 4.700% fixed-to-floating rate junior subordinated notes due 2055.
    • Barclays Capital as representatives of the initial purchasers in a Rule 144A offering of $150 million of senior notes due 2025 by DaVinciRe Holdings Ltd., a sidecar sponsored by RenaissanceRe Holdings Ltd.
    • The underwriters in SEC-registered offerings of preferred stock and senior notes guaranteed by RenaissanceRe Holdings Ltd.
    • The underwriters and remarketing agents in multiple transactions relating to senior notes, component debentures, common stock and equity units of MetLife.
    • AIA Group in its offering of $750 million of 3.20% senior notes due 2025, listed on the Hong Kong Stock Exchange.
    • Munich Re in establishing its Eden Re II reinsurance sidecar program and the first offering under the program.
    • TIAA in its offering of $1.65 billion of 4.900% surplus notes due 2044 and $350 million of 4.375% fixed-to-floating rate surplus notes due 2054.
    • TIAA Asset Management, a subsidiary of TIAA, in its offering of $1.0 billion of 2.950% senior notes due 2019 and $1.0 billion of 4.125% senior notes due 2024. The notes financed in part the redemption of the pre-acquisition debt of Nuveen Investments.
    • Guardian Life Insurance in its $450 million offering of 4.875% Surplus Notes due 2064.
    • AIA on the expansion of its $3 billion Global Medium Term Note Programme and its first ever Rule 144A placement in the United States, worth $1 billion.
    • Fidelity & Guaranty Life in its $190.6 million initial public offering and its offering of $300 million of 6.375% senior notes due 2021.
    • The initial purchasers in multiple Rule 144A / Regulations S offerings of Liberty Mutual, and dealer-managers in multiple tender offers for Liberty Mutual securities.
    • Pacific Life in a tender offer for its 9.25% Surplus Notes due 2039 and its parent company, Pacific LifeCorp, in a related offering of $500 million 5.125% senior notes due 2043.
    • Swiss Reinsurance Company in its “Sector Re” structured reinsurance sidecar program.
    • The underwriters in multiple offerings of common stock and senior notes of Cigna Corporation and the dealer-managers in multiple tender offers for Cigna Corporation’s senior notes.
    • Principal Financial Group in its $750 million offering of senior notes and its $1 billion offering of common stock.
    • American International Group in its $6.45 billion sale of ordinary shares of AIA Group.
    • New York Life Insurance in its $1 billion offering of 6.75% surplus notes due 2039.
    • Principal Financial Group in its $1 billion offering of common stock.
    • MBIA Insurance Corporation in its $1 billion surplus note offering.
  • Reserve Financing

    • Prudential Financial in a $3 billion AXXX reserve financing.
    • Fidelity & Guaranty Life, a subsidiary of Harbinger Group Inc., in a $295 million letter of credit-based financing with Nomura Bank with respect to certain annuity reserves calculated pursuant to the commissioners annuity reserve valuation method (CARVM).
    • Fidelity & Guaranty Life and Front Street Re in a $1.5 billion affiliate reinsurance transaction.
    • Protective Life in a $750 million revolving credit facility with Regions Bank.
    • Swiss Re in an up to $750 million financing of reserves associated with a block of stable value business.
    • Swiss Re and other lenders in the development of a $500 million 5-year surplus loan note facility for Farmers Insurance Exchange, a California interinsurance exchange.
    • Prudential Financial in its acquisition of The Hartford’s Individual Life Insurance business.
    • Protective Life in a $945 million financing of AXXX reserves with Hannover Re.
    • A U.S. life insurer in $750 million XXX/AXXX reserve financing involving entry into a stop-loss reinsurance treaty with a third-party reinsurer.
    • A U.S. financial guaranty insurer in a $400 million XXX reserve financing involving the acquisition of credit-linked notes issued by a special purpose vehicle and backed by a financial guaranty insurance policy.
    • Prudential Financial in four separate transactions to finance up to $2 billion of XXX reserves.
    • A U.S. affiliate of a global reinsurer in a derivative transaction involving the assumption of certain risks in the secondary market in respect of a letter of credit-based excess reserve financing facility.
    • Protective Life Insurance in its amendment extending the term of a $610 million letter of credit-based XXX financing.
    • A U.S. life insurer in its $840 million AXXX letter of credit-based financing.
    • A U.S. life insurer in its amendment to a $500 million funded financing of AXXX reserves.
    • Protective Life Insurance Company and its wholly owned captive reinsurer, Golden Gate IV Vermont Captive Insurance Company, in a $790 million letter of credit-based financing of XXX reserves.
    • Swiss Re Life & Health in its $1.5 billion letter of credit-based XXX financing with JP Morgan.
  • Company Formation and Capitalization

    • Nephila Capital Limited in fundraising activities related to its catastrophe-focused funds and in the establishment of its U.S. managing general agency.
    • Knighthead Capital Management in its formation and capitalization of Knighthead Holdings Ltd., a Cayman Islands-based annuity provider.
    • Resolution Life 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 in the formation, separation and disposition of Global Atlantic Financial Group.
    • A private equity fund as lead investor in Altair Re, a reinsurance sidecar established by ACE Tempest Re, the Bermuda reinsurer.
    • 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.
    • American International Group (AIG) and American International Assurance Company in AIG's agreement with the Federal Reserve Bank of New York to reduce the debt AIG owes the FRBNY by $25 billion and position AIA and American Life Insurance Company for initial public offerings.
    • Cerberus Capital Management in insurance matters relating to its equity investment in Commonwealth Annuity and Life Insurance Company, a subsidiary of Goldman Sachs.
    • Cunningham Lindsey in its recapitalization by CVC Capital Partners.
    • Stone Point Capital and Lockton in their $170 million acquisition of the international insurance broking operations of Alexander Forbes Limited.
    • American International Group in the restructuring of Chartis' interest in PICC and a cornerstone investment in PICC's Hong Kong initial public offering.