Insurance Mergers & Acquisitions

Mayer Brown helps our insurance industry clients achieve strategic corporate and M&A objectives by utilizing our extensive and sophisticated transactional experience in an integrated approach encompassing all relevant specialty areas.

A representative list of transactions handled by Mayer Brown’s Global Insurance Industry Group is included below.

Life

• Nestlé S.A. in its sale of Gerber Life Insurance Company to Western & Southern Financial Group for $1.55 billion cash.
• KD Group, a Slovenia-based property and casualty insurance company in the €245 million sale of a 100 percent stake in its insurance company Adriatic Slovenica to Italian insurance group Generali.
• The Hartford on its agreement to acquire Aetna’s US group life and disability business for $1.45 billion.
• Pacific Life on its acquisition of the term life new business platform from Genworth Financial.
• A subsidiary of Berkshire Hathaway in its acquisition of Hartford Life International Limited, an Irish domiciled variable annuity writer, for approximately $285 million.

Property Casualty and Runoff

• The Hartford on its $2.1 billion acquisition of The Navigators Group.
• Ascot Group Limited in its acquisition of Greyhawk Insurance Company, a Colorado-domiciled insurance company, and Greyhawk Specialty Insurance Company, a Rhode Island-domiciled insurance company.
• Catalina Holdings (Bermuda) Ltd, a long-term consolidator in the non-life insurance/reinsurance run-off sector, on its acquisition of a $410 million portfolio of US property & casualty liabilities in run off from Arch Reinsurance Ltd.
• GreyCastle Holdings‎ in its $570 million acquisition, backed by a consortium of investors, of the run-off Life Reinsurance operations of XL Group.
• CMIG International, a Singapore-based investment group, in its acquisition of the Latin American businesses of Old Mutual plc, an insurance group.

Mortgage Insurance and Financial Guaranty

• A US mortgage insurer in a PMIERS-compliant, collateralized reinsurance transaction with a panel of reinsurers.
• Radian Guaranty in its $840 million commutation transaction with Freddie Mac.
• A US mortgage insurer in a proposed “deep MI” transaction with Freddie Mac.
• Counsel to the U.S. mortgage insurance trade association in negotiating a new form of master policy with Freddie Mac and Fannie Mae, and related state policy form approvals.
• Assured Guaranty in its $810 million acquisition of Radian Asset Assurance Inc., a US-based provider of financial guaranty insurance and reinsurance, from Radian Group Inc.

Intermediaries, MGAs and Other Service Providers

• Nationwide on its acquisition of E-Risk Services, LLC, a privately-held, leading program manager that specializes in a distinguished portfolio of management lines products.
• Premia Holdings Ltd., a newly formed P&C insurance and reinsurance group focused on providing runoff solutions, in its first acquisition of Alan Gray LLC.
• Wells Fargo in the sale of Wells Fargo Insurance Services USA, which includes its Insurance Brokerage and Consulting, Employee Benefits and Property & Casualty national practices, along with Safehold Special Risk, Small Business Insurance, Student Insurance, Individual Health and Private Risk Management Insurance business lines, to USI Insurance Services LLC.
• Everest Reinsurance Holdings, Inc., in the sale of Heartland Crop Insurance, Inc., a managing general agent in the crop insurance industry, to CGB Diversified Services, Inc.
• Wells Fargo Insurance in the sale of 42 primarily smaller regional insurance brokerage and consulting locations to a subsidiary of USI, Inc.

Financial Advisors

• Deutsche Bank, as financial adviser to Validus in its acquisition of publicly-traded Bermuda based Flagstone Re.
• Deutsche Bank, the financial advisor to Allied World Assurance Company Holdings AG, in Allied’s $3.2 billion merger bid with Transatlantic Holdings, Inc.
• Peel Hunt, as financial advisor to Markel Corporation in its acquisition of LSE listed Abbey Protection plc for £117m
• Banc of America Securities, as financial advisor, to a leading international insurance organization in its $1.9 billion sale of its US personal auto insurance business, 21st Century Insurance Group, to Farmers Group, Inc., a subsidiary of Zurich Financial Services Group.
• Seng Heng Bank Limited, the second largest locally incorporated bank in Macau, in bidding for a 100% shareholding of Banco Commercial de Macao, S.A. and two insurance companies of the same group in Macau.