Debevoise & Plimpton LLP is advising Nassau Reinsurance Group (“Nassau”) in its acquisition of Universal American Corp.’s (NYSE:UAM) Traditional Insurance business. The transaction is expected to close in early 2016.
The Traditional Insurance business consists of a closed block of insurance products, including Medicare supplement, other senior health insurance, specialty health insurance and life insurance, including a non-strategic closed block of long-term care insurance policies. The Traditional Insurance business includes Universal American subsidiaries Constitution Life Insurance Company and The Pyramid Life Insurance Company, as well as a portion of business written by American Progressive Life & Health Insurance Company of New York.
Nassau was launched in April 2015 and is an insurance and reinsurance business founded by insurance industry executives Phillip J. Gass and Kostas Cheliotis. Nassau is backed by Golden Gate Capital, a private investment firm founded in 2000 with more than $15 billion of committed capital.
The Debevoise team is led by counsel Michael D. Devins and includes partner Vadim Mahmoudov, counsel Brandon C. Gruner and Charles E. Wachsstock, and associates Matthew B. Parelman, Daniel Priest, Maxine Sharavsky, Jeffrey A. Tate and Emily Zand.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.