SEAN KEYVAN is a partner in Sidley’s Chicago office and heads the global insurance M&A practice. He has more than 20 years of experience representing clients in a variety of complex, often cross-border, corporate and regulatory matters relating to the insurance and financial services industry.
Sean advises insurance companies, private equity funds, investment banks, commercial banks, finance companies, investment advisers, derivatives dealers and others in connection with: domestic and international mergers, acquisitions, divestitures, joint ventures and corporate reorganizations (including acquisitions and divestitures of books of insurance business through reinsurance, renewal rights and other alternative transaction structures); the formation, capitalization and corporate financing of insurance companies and related ventures; insurance company holding company system regulation; insurance company investment activities; the regulation of insurance producers, agencies and other distribution systems; the structure and regulation of alternative and novel risk financing mechanisms and complex reinsurance arrangements.
Sean’s recent experience includes representation of:
- Prudential Financial, Inc. in the sale of a US$31 billion portion of its in-force legacy variable annuity block for US$2.2 billion to Fortitude Re, Bermuda’s largest multi-line reinsurer.
- Hagerty in its merger with Aldel Financial Inc., resulting in a combined publicly traded company with a market capitalization of approximately US$3.13 billion, including a US$704 million fully committed PIPE.
- Kemper Corporation in its US$370 million acquisition of American Access.
- Sirius International Insurance Group in its strategic merger with Third Point Reinsurance, creating a US$3.3 billion company.
- Cigna in the US$6.3 billion sale of its group life and disability insurance business to New York Life.
- American International Group in the US$476 million strategic minority investment by The Carlyle Group in Fortitude Re, and Fortitude Re in its subsequent US$2.2 billion sale by American International Group to The Carlyle Group and T&D Holdings.
- Sirius International Insurance Group in its merger with Easterly Acquisition Corp., resulting in a combined publicly traded company with a market capitalization of approximately US$2.2 billion.
- American International Group in the multi-billion dollar sale of its legacy life settlements portfolio to leading alternative investment management firms.
- Sirius International Insurance Group in its acquisition of a majority interest in Phoenix Holdings for US$700 million from the Delek Group (terminated).
- Sirius International Insurance Group in the acquisition of International Medical Group.
- Sirius International Insurance Group in the acquisition of ArmadaCorp Capital.
- Reinsurance Group of America in its acquisition of Aurora National Life Assurance Co. from Swiss Re.
- Hartford Financial Services in the sale of its Japanese variable annuity business to ORIX Corp. for approximately US$1.4 billion.
- Hartford Financial Services in the sale of its retirement plans business to Massachusetts Mutual Life Insurance.
- QBE North America in the sale of its Lender Placed Insurance Business to National General.
- Cigna in its acquisition of Great American Supplemental Benefits Group.
- Medical Protective Corporation (a Berkshire Hathaway company) in its acquisition of Princeton Insurance Company.
- American International Group in the sale of its 21st Century Insurance Group to Farmers Insurance Group, a unit of Zurich Financial Services, a transaction with a total enterprise value of over US$2 billion.
- American International Group in the sale of its credit life business operations.
- General Electric in the sale of its auto warranty insurance companies and business to Wachovia Corporation.
- American International Group in its acquisition of GE’s Japanese life and U.S. auto and home insurance businesses for approximately US$2.2 billion.
- American International Group in its acquisition of Royal & Sun Alliance’s Japanese insurance operations.
- General Electric in its sale of Medical Protective Company (GE’s professional liability insurance company) to Berkshire Hathaway.
- Lumbermens Mutual Casualty Company in the sale of its personal lines insurance business to Unitrin.
- General Electric in the sale of its corporate credit card business to American Express for approximately US$2.2 billion.
- GE Capital in its acquisition of the retail finance portfolio of Citibank for approximately US$1.6 billion.
- General Electric in its sale of its SBA loan portfolio and business to Merrill Lynch Bank USA and Bank of the West.
Private Equity/Fund Formation
- Swiss Re in its investment in Life Insurance Fund Elite and its joint venture with InsCap Management as co-manager of the fund.
- Silver Creek Capital in its investment in IR Holding, the holding company for St. James Re Limited, a Bermuda reinsurer.
- AIG Global Investment Group in the formation of AIG PineStar Capital LP, a private equity fund of funds, and the acquisition by PineStar of a portfolio of approximately 150 private equity interests from Dresdner Bank (total limited partnership commitments of approximately €1.1B).
Sean has been recognized as a leading insurance lawyer by Chambers USA (2015–2021) and is a frequent speaker on insurance topics. In 2010, he was named by Law360 as a “rising star” and one of 10 insurance lawyers under 40 to watch.