Sidley has built a dedicated, international team of lawyers with intimate knowledge of and appreciation for the insurance and reinsurance industry, and its unique issues and challenges. Our Insurance and Financial Services group has nearly four decades of experience and a team of 85 lawyers devoted exclusively to providing a full range of transactional, regulatory and dispute resolution services to the industry. Recognized as a leading insurance law firm by Trading Risk, Reactions, Chambers USA and U.S. News – Best Lawyers®, among others, Sidley offers clients a comprehensive understanding of the principles, customs and practices unique to the industry.
While many of the transactions we handle on behalf of insurance clients involve sophisticated capital markets structures, our advice is grounded in our intimate knowledge of insurance industry regulation. Sidley litigators also serve the insurance industry, representing clients in reinsurance or retrocessional claims, consumer class actions, complex coverage cases, multi-jurisdictional direct claims, and white collar criminal defense and investigations.
Examples of experience that demonstrate Sidley’s depth and breadth in the insurance industry include representation of:
- Apollo Global Management in its $2.6 billion acquisition of publicly traded Aspen Insurance Holdings.
- Cigna Corporation in the insurance and healthcare regulatory matters associated with its acquisition of publicly traded Express Scripts Holding Company for approximately $67 billion.
- Athene Holding in its $1.24 billion initial public offering.
- Japanese insurer Zenkyoren on the transfer of a combined $2.375 billion of earthquake risk through the Nakama Re series of catastrophe bonds (2014-2018).
- Validus Reinsurance in its successful challenge (the first ever) to the Internal Revenue Service’s “cascading excise tax” theory, in which the D.C. District Court ruled that the U.S. federal excise tax does not apply to retrocession contracts between foreign reinsurers.
Regular clients of our group include many of the largest insurance and reinsurance companies, brokers, banks, investment banking firms and regulatory agencies for which we provide regulatory, corporate, securities, mergers and acquisitions, securitization, derivatives, tax, reinsurance dispute resolution, class action defense, and other legal services.
Sidley lawyers have extensive experience in a wide range of domestic and international insurance and reinsurance transactions. We handle traditional corporate and financing transactions such as mergers, acquisitions, divestitures, joint ventures, reorganizations and restructurings, debt and equity financings, and complex investments. Our lawyers also structure and execute highly innovative transactions such as redundant life reserve (XXX and AXXX) and embedded value securitizations; natural catastrophe and catastrophic mortality-linked bonds, derivatives and sidecars; and the securitization of funding agreements, life and annuity contracts, and other insurance products.
With regard to dispute resolution, Sidley offers one of the few practices in the country dedicated to defending the insurance industry against the expanding array of class action claims, including retained asset accounts, vanishing premium, annuity interest crediting, modal premium, industrial life, premium GAP, annuity elder care, 401(k) “revenue sharing”, burial insurance, juvenile smoking, annuity elder care suitability, and credit insurance refunds. We also represent insurers, brokers and company executives in responding to investigations, insurance department inquiries and enforcement actions, congressional hearings, and other governmental inquiries.
Sidley lawyers have extensive knowledge and experience in nearly all aspects of insurance regulation, as well as the impact of statutory accounting and rating implications on the insurance industry. We provide advice on a broad range of insurance regulatory issues such as the production of insurance, market conduct compliance, regulation of insurance intermediaries (producers, third party administrators, managing general agents and reinsurance brokers), holding company regulation, credit for reinsurance requirements, invested asset regulation, overall solvency standards, risk-based and other capital requirements, and the regulation of captive insurers.