Financial Institutions M&A 2024 Recap

Ranked #1 for insurance M&A, having advised on the most deals for 2020–2024
S&P Global

Sidley is proud to have partnered with our clients on several of the most significant transactions in 2024 in the financial institutions and insurance industry, ranging from groundbreaking M&A to market-shaping reinsurance deals.

In 2024, Sidley handled more than 50 such transactions,* amounting to over US$115 billion in total value.** With nearly 100 lawyers in the Financial Institutions group, including over 70 devoted primarily to the insurance industry, Sidley is the go-to firm for the market’s most important insurance M&A, reinsurance, and other corporate insurance transactions.

Congratulations and thank you to all of our clients with whom we worked in 2024 — we look forward to our continued partnership in 2025.

Representative Transactions

Selected transactions on which we are pleased to have advised in 2024 include representation of:

• Arthur J. Gallagher in its pending US$13.45 billion acquisition of AssuredPartners from GTCR.
• Carlyle and KKR in an agreement to acquire a US$10.1 billion portfolio of prime private student loans from Discover.
• National Life Group in a US$4.9 billion flow and block annuity reinsurance transaction with 26North.
• RGA in the acquisition of a US$4.1 billion block of long-term care and structured settlement business from John Hancock.
• The Cigna Group on insurance regulatory matters in the pending sale of its Medicare businesses and CareAllies to HCSC for a total transaction value of approximately US$3.7 billion.
• Mastercard in its US$2.65 billion acquisition of Recorded Future.
• Synchrony in its acquisition of Ally’s point-of-sale financing business, including US$2.2 billion of loan receivables.
• Sentry Insurance in its acquisition of The General® from American Family Insurance for a total transaction value of US$1.7 billion.
• Ares Management in its joint venture with CAL Automotive to purchase up to US$1.5 billion of prime new vehicle leases.
• New Enterprise Associates (NEA) on insurance regulatory matters in the pending acquisition by an NEA affiliate of NeueHealth at an enterprise value of approximately US$1.3 billion.
• Ryan Specialty in its US$1.1 billion acquisition of US Assure.
• Kuvare Asset Management in its up to US$1 billion acquisition by Blue Owl Capital.
• Nassau Financial Group in a strategic partnership with Golub Capital, including a US$200 million equity investment by Golub Capital in Nassau and a long-term investment management agreement.
• D2 Asset Management in its US$280 million minority investment in Unlock Technologies.
• Aon in the sale of Healthy Paws to Chubb.
• Funds managed by affiliates of Apollo Global Management and the European Bank for Reconstruction and Development in the sale of Summit Leasing to NLB.
• Funds managed by affiliates of Apollo Global Management in the acquisition of equipment leasing specialist Beequip from NIBC.
• Arsenal Capital Partners in its acquisition of Knowtion Health.
• Castle Creek Capital in its investment in FirstSun’s acquisition of HomeStreet.
• IEQ Capital in its acquisition of EPIQ Capital Group, an approximately US$5.3 billion multi-family office and investment firm.
• Lovell Minnick Partners in its strategic growth investment in Cohen & Company.
• LWCC in its acquisition of Prescient National.
• MDD in its acquisition by Davies.
• nCino in its acquisitions of FullCircl and DocFox.
• OneAmerica Financial in the sale of its full-service retirement plan business to Voya, involving approximately US$60 billion of assets under administration.
• Pluto Capital in its acquisition by Robinhood.
• Raymond James in its joint venture with Eldridge Industries to provide private credit solutions to sponsor-backed portfolio companies.
• Ridgeview Partners in its growth investment in PayRange.
• Ryan Specialty in its acquisition of Innovisk.
• Wafra in its acquisition of Aquila Air Capital from funds managed by Warburg Pincus.

* Inclusive of completed and ongoing matters
** Inclusive of reserve transfer, asset, and enterprise value