David W. Alberts is co-leader of Mayer Brown’s Global Insurance Industry Group and is based in New York. David’s work for the life and non-life insurance industry includes corporate/M&A, regulatory, contract wording, insurance finance (including life and annuity reserve financing), traditional and alternative/structured reinsurance, and new product development.
He has also advised clients on the development and implementation of exit strategies and has represented many buyers and sellers of runoff portfolios and discontinued insurance businesses.
He regularly advises on multijurisdictional and cross-border regulatory issues, including credit for reinsurance laws, risk transfer regulations, permissible investment under insurance investment laws and related collateralization requirements. In the past few years, he has represented several clients in a steady stream of highly structured life insurance reserve financing transactions.
David is a member of the Advisory Council of the Association of Insurance & Reinsurance Run-Off Companies (AIRROC) and a member of the National Board of the Insurance Industry Charitable Foundation.
He was designated as a leading lawyer for Insurance: Transactional and Regulatory in the 2006 – present editions of Chambers USA, for which sources endorsed him as being “very knowledgeable about the industry and about insurance M&A work. He proved to be a creative partner for us and was good at keeping us focused and the deal moving forward.”
Education :
- The University of Iowa College of Law, JD, with distinction
- Georgetown University, BSFS
Admissions :
- New York
- Illinois
Activities :
- Member, Interested Parties’ Group of the NAIC Reinsurance Task Force and various other NAIC committees and working groups
- Member, Association of Life Insurance Counsel
Experience :
- Represented Catalina Holdings (Bermuda) Ltd in the acquisition of a $190 million portfolio of legacy US property/casualty insurance liabilities from the US branch of Samsung Fire and Marine Insurance Co. Ltd.
- Represented The Hartford Financial Services Group, Inc. on its definitive agreement with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc., for a $1.5 billion aggregate excess of loss reinsurance agreement covering certain of The Hartford’s asbestos and environmental liability exposures.
- Represented Munich Re in the acquisition by its subsidiary, Munich-American Holding Corporation, of Financial Reassurance Company 2010, Ltd., a special purpose financial insurance company domiciled in Vermont, from Citigroup Insurance Holding Corporation.
- Represented Catalina Holdings (Bermuda) Ltd. in its acquisition of SPARTA Insurance Holdings, Inc., a US-based insurance company focused on specialty program and risk transfer alternative.
- Represented Munich Re in its acquisition of Texas-based RenRe Energy Advisors Ltd., the weather and weather-related energy risk management unit of Bermuda-based reinsurer, RenaissanceRe Holdings Ltd.
- Representation of bidders in many of the major recent life insurance and reinsurance M&A auctions in the US, including Genworth, Generali USA Life Re, Transamerica Re, and Manulife’s life retrocession business.
- Representation of several buyers and sellers of runoff portfolios and discontinued insurance businesses, including bidders in the recent sales of Sparta, Unionamerica, Alea, Quanta and Scottish Re.
- Represented the Munich Re Group in its agreement to acquire Texas-based RenRe Energy Advisors Ltd., the weather and weather-related energy risk management unit of reinsurer RenaissanceRe Holdings Ltd., Bermuda.
- Represented ACE Limited in the $425 million acquisition of the Hong Kong and Korean life insurance operations of New York Life.
- Represented Guggenheim Partners, a diversified financial and insurance services firm, in its $440 million acquisition of EquiTrust Life Insurance Company from FBL Financial Group, Inc.
Cost
Rate : $$$
