Sean M. Carney

Carney, Sean M.

Partner


Sean M. Carney

Partner


SEAN M. CARNEY is a partner in the Chicago, Illinois office of Sidley. Mr. Carney’s practice is focused on a variety of corporate, securities and regulatory matters relating to the insurance and financial services industries, including mergers and acquisitions, corporate finance, corporate reorganizations (including demutualizations and mutual holding company conversions) and venture capital/private equity investments. Mr. Carney regularly represents insurance and financial service companies and other insurance entities in connection with domestic and cross-border mergers and acquisitions, including acquisitions and divestitures of books of insurance business through reinsurance, renewal rights and other alternative transaction structures. Mr. Carney represents issuers and underwriters in a variety of public offerings, including initial public offerings, follow-on offerings, and private placements of debt and equity securities. In addition, Mr. Carney regularly counsels insurance companies in connection with the regulation of insurance holding company systems and the structure and regulation of alternative risk financing mechanisms and complex reinsurance arrangements, including insurance securitization, loss portfolio transfers and commutations.

Recent transactions on which Mr. Carney has advised include:

  • Sale by Aon of its human resources outsourcing business to Blackstone for $4.8 billion;
  • $1.24 billion initial public offering by Athene Holding;
  • Acquisition of Transatlantic Holdings by Alleghany Corporation, a transaction valued at $3.4 billion;
  • Merger of Mutual Trust Financial Group and Pan-American Life Insurance Group, a merger of two mutual insurance holding companies;
  • Acquisition by United Fire & Casualty Company of Mercer Insurance Group, Inc. in a cash merger valued at $191 million;
  • Acquisition of Meadowbrook Insurance Group by Fosun International in a cash merger valued at $433 million;
  • Sponsored demutualization of Podiatry Insurance Company of America and acquisition by ProAssurance Corporation, a transaction valued at $131 million;
  • Acquisition by American International Group, Inc. of GE Edison Life Insurance Company and GE’s U.S. auto and home business, a transaction valued at approximately $2.2 billion;
  • Sale by Genworth Financial of Genworth Financial Investment Services, its retail broker dealer business, to Cetera Financial;
  • Sale by Principal Life Insurance Company of its health insurance business to UnitedHealthcare;
  • Exit by American Republic and World Insurance Co. of its comprehensive major medical insurance business;
  • $1.75 billion Surplus Notes offering by Northwestern Mutual;
  • $51 million initial public offering by North Pointe Insurance;
  • The establishment of at-the-market equity programs for American Equity Investment Life and West Coast Bancorp.;
  • Acquisition by GE Capital of the retail finance portfolio of Citibank N.A., a transaction valued at $1.6 billion;
  • Sale by GE of its Corporate Card Services Business to American Express for $2.1 billion;
  • Sale of Vanliner Insurance Company by UniGroup, Inc. to National Interstate, a transaction valued at $125 million;
  • Acquisition by EBF & Associates of Athilon Group (a credit derivatives product company) from Lightyear Capital;
  • Investment by Silver Creek Capital in IR Holding, Ltd, the holding company for St. James Re Limited, a newly formed Bermuda reinsurer;
  • $180 million initial public offering by Cabela’s Inc.; and
  • Sale by American International Group, Inc. of its credit life business operations.

Mr. Carney is the co-author of “The ‘Follow the Fortunes Doctrine’ in 2002: Evidence, Experts and Allocation,” published in Mealey’s Litig. Rep.: Reins. March 6, 2003 and in the Winter 2003 edition of the Sidley Austin LLP Reinsurance Law Report. Mr. Carney was the Executive Editor of the University of Chicago’s Journal of International Law. He has also been named as a Rising Star in the Euromoney LMG 2015 Guide.

Memberships & Activities
  • American Bar Association
  • Chicago Bar Association
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