Daniel Priest is a tax partner in our New York office. His practice concentrates on advising clients on a broad range of M&A and financing transactions, ...
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Experience
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- The Standard in its acquisition of The Allstate Corporation’s Employer Voluntary Benefits business in a transaction valued at approximately $2 billion.
- Resolution Life in the offering of $500 million 8.25% notes due 2031.
- 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.
- Third Point in the launch of Malibu Life Reinsurance SPC, a licensed life and annuity reinsurer based in the Cayman Islands.
- Global Infrastructure Partners, an independent infrastructure fund manager, in its acquisition by BlackRock for total consideration of $3 billion of cash and approximately 12 million shares of BlackRock common stock.
- 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%.
- Prudential Financial in the formation of Prismic Life Reinsurance, a licensed Class E Bermuda-based life and annuity reinsurance company.
- Bain Capital in the closing of its $1.15 billion inaugural private equity fund, Bain Capital Insurance Fund, L.P.
- Global Atlantic, a retirement and life insurance company, in the closing of its $2.4 billion Ivy II reinsurance co-investment vehicle.
- Fortitude Re, a Carlyle portfolio company, in its $28 billion reinsurance transaction with Lincoln Financial Group.
- StanCorp Financial Group in its acquisition of the Life & Disability business from Elevance Health.
- Resolution Life in its strategic partnership with Blackstone, including a $500 million strategic investment, for its life insurance and annuity consolidation business.
- American International Group and Corebridge Financial, a majority-owned subsidiary of American International Group, in the initial public offering of Corebridge Financial.
- Corebridge Financial, a majority-owned subsidiary of American International Group, in its offering of $1.0 billion of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes offering due 2052.
- KKR in the formation of KKR Asset-Based Finance Partners Fund, a $2.1 billion fund focused on asset-based financing for global privately originated and negotiated credit investments.
- Corebridge Financial, a majority-owned subsidiary of American International Group, in its $6.5 billion offering of senior unsecured notes in relation to the separation of American International Group’s Life & Retirement business. At the time of announcement, this transaction was reported to be the largest-ever debt offering by an insurance company.
- LIBERTY Dental Plan Corporation, a dental benefits administrator, in its sale of a majority stake in LIBERTY to Welsh, Carson, Anderson & Stowe, a private equity firm.
- AXAR Capital Management LP in a purchase agreement for the acquisition of Pavonia Life Insurance Company of Michigan from Global Bankers Insurance Group.
- 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.
- Brookfield Reinsurance in its $10 billion reinsurance agreement with American Equity Investment Life Insurance Company.
- 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.
- Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its $9.4 billion reinsurance agreement with Lincoln Financial Group.
- Covéa in its definitive agreement to sell CSE Insurance to Porch Group for $48.6 million in cash.
- Prudential Financial in the sale of its retirement plan business to Empower for a total transaction value of $3.55 billion.
- American International Group in its strategic partnership with Blackstone Group for its Life & Retirement business.
- Global Atlantic, a retirement and life insurance company, in an $8 billion annuity reinsurance transaction between two of its insurance subsidiaries and Ameriprise Financial insurance subsidiaries.
- MassMutual in its $3.5 billion acquisition of Great American Life, a wholly owned subsidiary of American Financial Group.
- Ambac Financial Group, a financial services holding company, in its acquisition of Xchange Benefits and Xchange Affinity Underwriting Agency, property and casualty managing general underwriters.
- Cornell Capital and Hudson Structured Capital Management in their acquisition of a majority interest in Vault Insurance.
- Cornell Capital and its portfolio company Spectrum Automotive Holdings in their acquisition of CARS Protection Plus, a leading provider of vehicle service contracts.
- MetLife in the $3.94 billion sale of its auto and home business to Zurich Insurance Group subsidiary Farmers Group.
- Third Point Re in its $788 million merger with Sirius Group.
- 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.
- AXA Equitable Holdings in its agreement to sell U.S. Financial Life Insurance Company & MONY Life Insurance Company of the Americas.
- 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.
- Alaska National Insurance Company in its acquisition by Copperpoint Insurance Companies.
- A leading international private equity firm in the creation of a novel structured finance product which raised $700 million from various investors in the form of rated notes and equity. The transaction was structured to address insurance company risk-based capital charges when investing across a diverse portfolio of alternative fund products.
- AmTrust Financial Services in the merging of its Lloyd’s business with Canopius. The transaction will create a top-five insurer at Lloyd’s with combined premiums of approximately $2.2 billion.
- AmTrust Financial Services in the sale of its domestic and international surety and credit reinsurance operations to Liberty Mutual.
- 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.
- Ply Gem and Clayton, Dubilier & Rice in Ply Gem’s $5.5 billion stock-for-stock combination with NCI Building Systems.
- AXA and AXA Equitable Holdings on the initial public offering of AXA Equitable Holdings on the New York Stock Exchange for approximately $4 billion, and AXA Equitable Holdings in its offering and sale of $3.8 billion of senior notes.
- Principal Financial Group in the offer and sale of $400 million P-Caps of High Street Funding Trust I Redeemable 2028.
- Prosperity Life Insurance in its sale to an investor group led by Elliott Management.
- Clayton, Dubilier & Rice in its $2.4 billion take private of Ply Gem and acquisition of Atrium Windows & Doors, two leading building products companies.
- American International Group in its $5.56 billion acquisition of Validus Group, a Bermuda-based, NYSE-listed, (re)insurance company.
- Cornell Capital as a lead investor in the $2.05 billion acquisition of Talcott Resolution, The Hartford’s run-off life and annuity businesses.
- Time Inc. in its $2.8 billion sale to Meredith.
- International Paper in the $1.8 billion combination of its North America Consumer Packaging business with Graphic Packaging.
- American International Group in the sale of its medical stop-loss operations to Tokio Marine HCC.
- Eagle Foods, a Kelso & Company portfolio company, in its acquisition of Popcorn, Indiana, a maker of ready-to-eat popcorn products.
- Global Infrastructure Partners in the formation of Global Infrastructure Partners III, a $15.8 billion infrastructure fund.
- Kelso & Company in its investment in Premia Holdings, a newly-formed property and casualty insurance and reinsurance group focused on providing runoff solutions.
- GSO Capital Partners in the formation of Capital Opportunities Fund III, a $6.5 billion global mezzanine fund.
- International Paper in its $2.2 billion acquisition of Weyerhaeuser’s pulp business.
- Nassau Reinsurance Group, a Golden Gate Capital portfolio company, in its acquisition of Universal American’s Traditional Insurance business.
- 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.
- Nassau Reinsurance Group, a Golden Gate Capital portfolio company, in its $217.2 million acquisition of The Phoenix Companies.
- 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.
- Footprint Power in the sale of Salem Harbor Energy Station Project to Highstar Fund IV and Toyota Tsusho, an EPC Contract with Iberdrola Energy Projects, to build a 700MW state-of-the-art combined-cycle gas electric generating facility and a $730 million construction financing, a transaction awarded the Project Finance International “2015 Power Deal of the Year of the Americas” award.
- Harbinger Group and its subsidiary Front Street Re, in the acquisition of Ability Re by way of a merger of Ability Re with and into Front Street Re, with Front Street Re as the surviving entity.
- 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.
- Canada Pension Plan Investment Board in its $1.8 billion acquisition of Wilton Re, a U.S. life insurance and reinsurance provider.
- The Hertz Corporation in the separation by spinoff of its Herc Rentals equipment rental business and $5.385 billion in related financings, including $2.4 billion Hertz term and revolving credit facilities, a $1.75 billion Herc asset-based revolving credit facility, and $1.235 billion in secured second priority Herc bonds.
- Clayton, Dubilier & Rice in its acquisition of PharMEDium, a leading provider of sterile compounding services to hospital pharmacies.
- EQT in the formation of EQT Credit Fund II, an €874 million Europe credit opportunities fund.
- Wilsonart, a Clayton, Dubilier & Rice portfolio company, in its acquisition of Durcon, a manufacturer of laboratory-grade work surfaces.
- 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.
- Global Infrastructure Partners in the formation of Global Infrastructure Partners II, an $8.25 billion infrastructure fund.
- Sun Life Financial in the $1.35 billion sale of certain of its U.S. subsidiaries.
Education
- New York University School of Law, 2010, J.D.
- Carleton College, 2007, B.A.