Alexander Cochran

Alexander R. Cochran is a corporate partner and a member of the firm’s Financial Institutions Group. He focuses on corporate transactions in the insurance industry, including mergers and acquisitions, financings and pension risk transfer transactions. Mr. Cochran is recognized as a Next Generation Lawyer for insurance in The Legal 500 US (2018) and was named a “2015 Rising Star” in insurance by Law360.

He is a frequent author and speaker on legal developments affecting the insurance industry. He is the co-author of numerous publications, including “Federal Reserve Publishes Advance Notice Of Proposed Rulemaking On Capital Requirements For Insurers,” FC&S Legal (July, 2016); “Federal Reserve Proposes Enhanced Prudential Standards For Insurance SIFIs,” FC&S Legal (July, 2016); “Developments At The NAIC Spring Meeting,” Law360 (April, 2016); “Financial Buyer Participation In The Insurance Industry: An Update For 2015,” FC&S Legal (July, 2015); and the Insurance and Investment Management M&A Deskbook (Practising Law Institute, 2015).

His recent speaking engagements include S&P Global Webinar 2017, “Insurance M&A: Evolution or Revolution?” and “Financial Reinsurance as Alternative Capital” at the Hanover Re Experience 2015.

Mr. Cochran received his J.D. cum laude from the University of Pennsylvania Law School in 2005, where he was a senior editor of the Law Review, and his B.A. magna cum laude from Bucknell University in 2002.

Prior to joining Debevoise in 2006, Mr. Cochran was a law clerk to the Hon. Mary McLaughlin of the Eastern District of Pennsylvania.

Experience:

• Mergers & Acquisitions
  • Resolution Life in its AUS$3.3 billion acquisition of AMP Life in Australia and New Zealand.
  • Resolution Re in the reinsurance of structured settlement annuity contracts and income annuity contracts from Symetra Life Insurance Company.
  • The Carlyle Group in its strategic partnership with AIG to position DSA Re as a platform to provide solutions for insurance liabilities globally.
  • LKCM Headwater Investments in its investment in a Texas-domiciled life insurer with a sole focus on the structured settlement market.
  • Prosperity Life Insurance in its sale to an investor group.
  • Assured Guaranty in its acquisition of a minority interest in Rubicon Infrastructure Advisors.
  • The CF Corporation and The Blackstone Group in the $1.835 billion acquisition of Fidelity & Guaranty Life.
  • Paraline Group and ICAT in the sale of ICAT to the Schinnerer Group, a subsidiary of Marsh & McLennan Companies.
  • American International Group in the sale of its medical stop-loss operations to Tokio Marine HCC.
  • Kelso & Company in its investment in Premia Holdings, a newly-formed property and casualty insurance and reinsurance group focused on providing runoff solutions.
  • Canada Pension Plan Investment Board in its $1.1 billion acquisition of Ascot from American International Group.
  • Clayton, Dubilier & Rice in its acquisition of Tranzact Holdings, the leading provider of comprehensive, direct-to-consumer sales and marketing solutions for insurance carriers in the U.S., from White Mountains Insurance Group.
  • Swiss Re Corporate Solutions in its $153 million acquisition of IHC Risk Solutions and its direct employer stop loss business from Independence Holding Company.
  • Stone Point Capital in its significant equity investment in specialty insurance broker Alliant Insurance Services, with KKR retaining a significant equity investment in the business.
  • American International Group in the sale of its Taiwan consumer and SME businesses to Nan Shan Life Insurance in Taiwan.
  • Catlin Group Limited in its sale to XL Group for approximately £2.79 billion. The combined business is expected to have a leading presence in the global specialty insurance and reinsurance markets.
  • Canada Pension Plan Investment Board in its $1.8 billion acquisition of Wilton Re, a U.S. life insurance and reinsurance provider.
  • GreyCastle in its $570 million acquisition, backed by a consortium of investors, of the run-off Life Reinsurance operations of XL Group.
  • Liberty Mutual in the sale of Summit Holdings Southeast and its related companies to American Financial Group.
  • A subsidiary of Berkshire Hathaway in its acquisition of Hartford Life International Limited, an Irish domiciled variable annuity writer, for approximately $285 million.
  • Berkshire Hathaway in its $778 million acquisition of future cash flow from Caixa Bank’s life insurance portfolio.
  • Strongwood Insurance Holdings in its sale of Sequoia Insurance Company, Personal Express Insurance Company, Sequoia Indemnity Company and certain other subsidiaries to Amtrust Financial Services.
  • Markel Corporation in its $3.13 billion acquisition of Alterra Capital Holdings, a listed Bermuda reinsurer.
  • American International Group in the restructuring of Chartis’ interest in PICC and a cornerstone investment in PICC’s Hong Kong initial public offering.
  • Goldman Sachs Reinsurance Group in its acquisition of the Bermuda-based reinsurance operations of Ariel Holdings.
  • Pan-American Life Insurance in its acquisition of select businesses and assets from MetLife in the Caribbean, Panama and Costa Rica.
  • Harbinger Group in its $350 million acquisition of Old Mutual U.S. Life Holdings.
  • Protective Life Insurance Company in its $316 million acquisition of United Investors Life Insurance Company from Liberty National Life Insurance Company, a unit of Torchmark.
  • Tower Group in its $107 million acquisition of Specialty Underwriters’ Alliance.
• Pension Risk Transfers
  • The Prudential Insurance Company of America in the sale of a group annuity contract to The Hartford to reduce The Hartford’s pension obligation by $1.6 billion.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to WestRock Company to reduce WestRock’s pension obligation by $2.5 billion.
  • Prudential Insurance Company of America in the sale of a group annuity to JCPenney to reduce JCPenney’s pension liabilities.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to the U.S. subsidiary of Royal Philips as part of an overall transaction that will reduce Philips’ pension liabilities by $1.1 billion.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to Kimberly-Clark Corporation.
  • Prudential Financial in the sale of a group annuity contract to a leading pharmaceutical company to settle $1.4 billion of pension liabilities by providing future annuity payments to approximately 8,000 retirees.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to The Timken Company to pay future pension benefits for approximately 5,000 U.S. Timken retirees.
  • Prudential Financial in the sale to a Motorola Solutions retirement plan of a group annuity contract that will provide annuity payments for approximately 30,000 Motorola salaried retirees as part of Motorola’s plan to reduce pension obligations.
  • Prudential Financial in the sale of a single premium group annuity contract to the Verizon Management Pension Plan to settle approximately $7.5 billion of pension liabilities of the Plan by providing future annuity payments to approximately 41,000 members of the Verizon Management Pension Plan.
  • Prudential Financial in the sale to a General Motors retirement plan of a group annuity contract that will provide annuity payments for certain GM salaried retirees as part of GM’s plan to reduce pension obligations by approximately $26 billion.
• Financing and Securities Offerings
  • A major insurance company in its $250 million reserve financing.
  • Prudential Financial in multiple AXXX and XXX reserve financings.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to Kimberly-Clark Corporation.
  • A major U.S. reinsurer in its $400 million reserve financing.
  • Swiss Reinsurance Company in its “Sector Re” structured reinsurance sidecar program.
  • Prudential Financial in the restructuring of its closed block business, including the repurchase of its Class B stock and reinsurance of substantially all of the
  • outstanding liabilities of the closed block business to an affiliated reinsurer.
  • Resolution Life in its formation and initial capitalization, related to its $587 million acquisition of Lincoln Benefit Life Company from Allstate Life Insurance Company, which included reserve financing, a reinsurance facility and bank debt.
  • Global Atlantic in its acquisition of the life insurance business of Aviva USA.

Education:

• University of Pennsylvania Law School, 2005, J.D.
• Bucknell University, 2002, B.A.

Bar Admissions:

• New York`