Marilyn A. Lion, based in the firm’s New York office, is a member of the Corporate Department and the Financial Institutions Group. She focuses on corporate transactions in the insurance industry, including mergers and acquisitions and financing transactions, as well as insurance and reinsurance regulatory matters. Ms. Lion is also a member of the Board of Governors of the Association of Life Insurance Counsel.
Ms. Lion is recognized as an Up and Coming lawyer for Insurance: Transactional & Regulatory in New York in Chambers USA (2018), in which clients call her “one of the smartest lawyers I have ever had the pleasure of working with.”
She is also recognized as a Next Generation Lawyer for insurance in The Legal 500 US (2018), which notes that she has “very deep insurance industry expertise.” She was named a “2016 Rising Star” in insurance by Law360 and by Super Lawyers.
Ms. Lion joined the firm in 2005. She received a J.D. from Harvard Law School in 2005. Ms. Lion received a B.A. summa cum laude from the University of Pennsylvania in 2001. Prior to law school, Ms. Lion worked as an actuarial associate at AXA Equitable Life Insurance Company.
Ms. Lion is the editor, and a co-author, of the Insurance and Investment Management M&A Deskbook (Practising Law Institute, 2015). She is also the co-author of numerous articles, including “The Legal 500: Insurance & Reinsurance Country Comparative Guide,” The In-House Lawyer(April, 2017); “Developments At The NAIC Spring Meeting,” Law360 (April, 2016); “Report On The NAIC 2015 Summer National Meeting,” FC&S Legal (November, 2015); “A Closer Look,” Best’s Review (June, 2015); “NAIC 2015 Spring National Meeting,” Insurance Coverage Law Report(May/June, 2015); “IAIS Issues Consultation On Global Insurance Capital Standard,” Canadian Insurance Regulation Reporter (February, 2015); “Rector-Modified Recommendations to NAIC Task Force on Financing of XXX and AXXX Reserves,” FC&S Legal (August, 2014); “Citing Private Equity Concerns, New York Department of Financial Services Proposes Increased Scrutiny and Disclosure for Acquisitions of New York Domestic and Commercially Domiciled Insurers,” FC&S Legal (June, 2014); and “Report on the NAIC 2014 Spring National Meeting,” FC&S Legal’s “Eye on the Experts” blog (April, 2014).
Ms. Lion is a member of the Bars of New York and New Jersey.
- Insurance and Insurance Related M&A
- Blackstone’s Tactical Opportunities Group in its strategic minority investment in Annexus, a leading designer of annuities and insurance-based retirement products.
- Wilton Re in its agreements to reinsure legacy comprehensive and nursing home long-term care insurance policies from Bankers Life and Casualty.
- AXA and AXA Equitable Holdings on the initial public offering of AXA Equitable Holdings on the New York Stock Exchange for approximately $4 billion, and AXA Equitable Holdings in its offering and sale of $3.8 billion of senior notes.
- AmTrust Financial Services in a strategic transaction with Madison Dearborn for a portion of AmTrust’s U.S. fee businesses valued at $1.15 billion.
- Wilton Re in its acquisition of Aegon Transamerica’s two largest U.S. run-off businesses.
- Protective Life in its acquisition by reinsurance of certain in-force blocks of term life insurance from Genworth Life and Annuity Insurance Company.
- Morgan Stanley as financial advisor to Symetra Financial Corp in its $3.8 billion sale to Sumitomo Life.
- 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.
- Morgan Stanley as financial advisor to Pan-American Life Mutual Holding Company in its merger with Mutual Trust Holding Company.
- Morgan Stanley as financial advisor to Endurance Specialty Holdings Ltd. in its $1.83 billion acquisition of Montpelier Re Holdings Ltd.
- Protective Life in its $5.7 billion merger with a subsidiary of Dai-ichi Life, a life insurance company listed on the Tokyo stock exchange.
- Blackstone Group’s Tactical Opportunities Group in the acquisition of Philadelphia Financial Group from Tiptree Financial.
- AXA Financial in the $1.06 billion sale of MONY Life Insurance Company and reinsurance of an in-force book of life insurance policies to Protective Life Insurance Company.
- Prudential Financial in its acquisition of The Hartford’s Individual Life Insurance business.
- Protective Life Insurance Company in its $628.1 million acquisition, together with Athene Holding Ltd., of Liberty Life Insurance Company, the U.S. life insurance and annuity business of Royal Bank of Canada.
- Cunningham Lindsey in its recapitalization by CVC Capital Partners.
- Hannover Re in its acquisition of ING individual life reinsurance business from Scottish Re and a $500 million XXX financing.
- Strongwood Insurance in its acquisition of Northeast Agencies, a leading aggregator of commercial and personal lines for insurance agencies.
- Stone Point Capital and Hellman & Friedman in obtaining EU merger control approval for their $1.1 billion acquisition of Sedgwick Claims Management Services, the leading global provider of technology-enabled claims and productivity management solutions.
- Reinsurance and Insurance Related Financings
- Protective Life Insurance Company in numerous reserve financing facilities.
- Pacific Life Insurance Company in numerous reserve financing facilities.
- Assured Guaranty in a $435 million excess-of-loss reinsurance facility designed to address Standard & Poor’s revised capital calculations and the subsequent renewal of the facility.
- An insurance company in a $3.5 billion 30 year letter of credit facility to finance XXX and AXXX reserves.
- Harvard Law School, 2005, J.D.
- University of Pennsylvania, 2001, B.A.
- New Jersey
- New York
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