David Alberts is co-leader of Mayer Brown's Global Insurance Industry Group and is based in New York. David’s work for the life and non-life insurance industry includes corporate/M&A, regulatory, contract wording, insurance finance (including life and annuity reserve financing), traditional and alternative/structured reinsurance, and new product development. He has also advised clients on the development and implementation of exit strategies and has represented many buyers and sellers of runoff portfolios and discontinued insurance businesses. He regularly advises on multijurisdictional and cross-border regulatory issues, including credit for reinsurance laws, risk transfer regulations, permissible investment under insurance investment laws and related collateralization requirements. In the past few years, he has represented several clients in a steady stream of highly structured life insurance reserve financing transactions.
David is a member of the Advisory Council of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) and a member of the National Board of the Insurance Industry Charitable Foundation. He was designated as a leading lawyer for Insurance: Transactional and Regulatory in the 2006 - present editions of Chambers USA, for which sources endorsed him as being “very knowledgeable about the industry and about insurance M&A work. He proved to be a creative partner for us and was good at keeping us focused and the deal moving forward.”
- Represented The Hartford on its agreement to acquire Aetna’s US group life and disability business for $1.45 billion.
- Represented Catalina Holdings (Bermuda) Ltd in the acquisition of a $190 million portfolio of legacy US property/casualty insurance liabilities from the US branch of Samsung Fire and Marine Insurance Co. Ltd.
- Represented Munich Re in the negotiation and execution of a definitive agreement by its subsidiary, Munich Atlanta Financial Corporation, to sell 100 percent of the issued and outstanding stock of LifePlans, Inc. to Long Term Care Group, Inc., as well as the carveout of the healthcare business of LifePlans, Inc. to a newly formed Munich Re affiliate prior to closing.
- Represented The Hartford Financial Services Group, Inc. on its definitive agreement with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc., for a $1.5 billion aggregate excess of loss reinsurance agreement covering certain of The Hartford’s asbestos and environmental liability exposures.
- Represented Munich Re in the acquisition by its subsidiary, Munich-American Holding Corporation, of Financial Reassurance Company 2010, Ltd., a special purpose financial insurance company domiciled in Vermont, from Citigroup Insurance Holding Corporation.
- Represented Pacific Life on its acquisition of the term life new business platform from Genworth Financial.
- Represented Catalina Holdings (Bermuda) Ltd. in its acquisition of SPARTA Insurance Holdings, Inc., a US-based insurance company focused on specialty program and risk transfer alternative.
- Represented Catalina Holdings (Bermuda)in its acquisition of Alea Group Holdings (Bermuda) Ltd., including its insurance company subsidiaries in Bermuda and the US, from FIN Acquisition Limited, a subsidiary of investment funds managed by affiliates of Fortress Investment Group LLC.
- Represented Munich Re in its acquisition of Texas-based RenRe Energy Advisors Ltd., the weather and weather-related energy risk management unit of Bermuda-based reinsurer, RenaissanceRe Holdings Ltd.
- Represents the American Council of Life Insurers, a life insurance industry trade association with over 300 member companies in North America.
- Representation of bidders in many of the major recent life insurance and reinsurance M&A auctions in the US, including Genworth, Generali USA Life Re, Transamerica Re, and Manulife’s life retrocession business.
- Representation of several life insurers, reinsurers and banks in major life reserve financing transactions as well as counseling and lobbying in connection with the NAIC deliberations on use of captives and the development and implementation of AG48.
- Representation of several buyers and sellers of runoff portfolios and discontinued insurance businesses, including bidders in the recent sales of Sparta, Unionamerica, Alea, Quanta and Scottish Re.
- Represented Catalina Holdings (Bermuda) Ltd. in its agreement to acquire Alea Group Holdings (Bermuda) Ltd., including its insurance company subsidiaries in Bermuda and the US, from FIN Acquisition Limited, a subsidiary of investment funds managed by affiliates of Fortress Investment Group LLC. Catalina is a long-term consolidator in the non-life insurance/reinsurance runoff sector.
- Represented a global financial services company in its bid to acquire a cybersecurity firm.
- Represented the Munich Re Group in its agreement to acquire Texas-based RenRe Energy Advisors Ltd., the weather and weather-related energy risk management unit of reinsurer RenaissanceRe Holdings Ltd., Bermuda.
- Represented Tokio Marine Group in the sale of its discontinued US property/casualty reinsurance business written by the US branch of Tokio Marine and the sale of its discontinued global legacy reinsurance business written by the home office of Tokio Marine.
- Represented Aurigen USA Holdings in its acquisition of Brokers National Life Assurance Company, an insurance and reinsurance company licensed in 48 states and the District of Columbia, from Ameritas Life Insurance Corp.
- Represented ACE Limited in the $425 million acquisition of the Hong Kong and Korean life insurance operations of New York Life.
- Represented Tokio Marine Group Holdings, Inc. and subsidiary Tokio Marine & Nichido Financial Life Insurance Co., Ltd. on a series of new annuity reinsurance and risk management structures, in addition to the establishment of a captive reinsurer in the Isle of Man with a US bank partner. These transactions have provided a transfer of several billions of insurance claims risk under variable annuity products.
- Represented Guggenheim Partners, a diversified financial and insurance services firm, in its $440 million acquisition of EquiTrust Life Insurance Company from FBL Financial Group, Inc.
- Represented Beazley, a specialty insurance company, in the sale by its subsidiary, Beazley Holdings Inc., of the renewal rights and certain assets connected to its US long-term care insurance portfolio to Ryan Specialty Group LLC.
The University of Iowa College of Law, JD, with distinction
Georgetown University, BSFS
- Member, Interested Parties' Group of the NAIC Reinsurance Task Force and various other NAIC committees and working groups
- Member, Association of Life Insurance Counsel