Hugh T. McCormick

Duane Morris LLP

$ $$$

New York 10036 NY US

Hugh McCormick advises domestic and international insurance and reinsurance companies, as well as other participants in the insurance industry, such as investment banks, on regulatory, corporate and tax matters arising in connection with mergers and acquisitions, reinsurance transactions, restructurings and financing transactions.

He was a principal member of AXA’s legal team in the demutualization and acquisition of interests in The Equitable Life Insurance Society of the United States, and was similarly involved in later demutualization transactions.

He has represented insurers and reinsurers in numerous transactions, including surplus enhancing transactions, transfers of large books of insurance business, and reinsurance-based healthcare joint ventures. He was involved in the first life insurance XXX reserve financing transaction in South Carolina in 2003, and in subsequent transactions in Delaware, Vermont and Ireland.

His experience also includes insurance insolvency matters, including the rehabilitation of the Baldwin-United insurance subsidiaries and the Executive Life Insurance Company insolvency, and he was involved in the acquisition of an insolvent life insurer in Japan.

He is a co-author of an actuarial textbook, Insurance Industry Mergers & Acquisitions, and has published articles on insurance securitization.

Mr. McCormick has advised insurers, reinsurers, captive insurers and healthcare organizations, such as HMOs, as well as commercial and investment banks, on a variety of regulatory issues involved in financing transactions, including the issues that arise under insurance holding company system laws, as well as issues for lenders that arise under insurance insolvency laws.

Mr. McCormick also represents insurers, intermediaries and buyers in the corporate-owned life insurance (COLI), bank-owned life insurance (BOLI) markets in the U.S., and in the domestic and offshore private placement variable life insurance and annuity markets, and advises fund managers on tax issues for funds offered as investment options under variable insurance products. He also advises insurance and reinsurance companies in the offshore markets on U.S. tax and regulatory compliance issues.

For many years Mr. McCormick was primary outside counsel to Scottish Life and Annuity Holdings Ltd, later Scottish Re Group Limited, a global life reinsurance and wealth management company. In addition to his legal representation of Scottish Re, in 2005 he became executive vice president for corporate development.

While in that position, he was involved in M&A transactions and reinsurance operations in the U.S., Europe, Singapore, Tokyo and China. He provided assistance to the Irish Financial Regulator in developing regulations governing the use of special purpose reinsurance vehicles for securitization purposes under the EU Reinsurance Directive and to the Monetary Authority or Singapore with respect to similar regulations, and was involved in IAIS projects on risk transfer and securitization.

From 1977 to 1981 Mr. McCormick was an attorney-advisor with the Office of Chief Counsel, Internal Revenue Service. He has an LL.M. in Taxation from Georgetown University (1980), a J.D. from Rutgers University School of Law, Newark (1977), and a B.A. from the University of Michigan (1968).

Representative Matters:

  • Advised Meiji Yasuda Life Insurance Company of Japan on U.S. insurance and retirement product matters in its $5 billion acquisition of StanCorp Financial Group, which is the parent of Standard Insurance Company and other subsidiaries.
  • Conducted life insurance product due diligence and advised on related SPA matters in connection with Tokyo-based Dai-ichi Life Insurance Company, Limited’s $5.7 billion acquisition of Protective Life Corporation (2015).
  • Scottish Re in the acquisition of Harbourton Reassurance Inc. (U.S.) (1999), ERC Reinsurance Corporation (U.S.) (2003), and World Wide Holdings Limited (U.K.) (2001).
  • AXA Equitable Life Insurance Company in its sale of its individual disability business to Centre Life Insurance Company (2000).
  • Guardian Life Insurance Company of America in structuring a reinsurance-based managed care and insurance joint venture with Physician’s Health Services (1995).

Admissions:

  • New York
  • Maine

Professional Activities:

  • Society of Actuaries
  • AIDA Reinsurance and Insurance Arbitration Society (ARIAS–U.S.)
  • North East Tax Study (NETS) Group
  • Insurance Tax Conference, Board of Directors, 1994-2004

Cost

Rate : $$$$

What types of cases Attorney Hugh T. McCormick & Duane Morris LLP can handle?
Duane Morris LLP can handle cases related to laws concerning Corporate, Tax, Insurance, Mergers & Acquisitions. We manually verify each attorney’s practice areas before approving their profiles and reviews on our website.
Where is Duane Morris LLP located?
Duane Morris LLP is located at Bertelsmann Building, New York, NY 10036, USA. You can reach out to Duane Morris LLP using their phone line 212.471.1860. You can also check their website duanemorris.com.
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Duane Morris LLP
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