Michael Devins

Debevoise & Plimpton LLP 

$ $$$

New York 10022 NY US

Michael D. Devins is a member of the firm’s Mergers & Acquisitions and Insurance Industry Groups. His practice focuses primarily on corporate transactions in the insurance industry, including mergers and acquisitions, reinsurance and insurance company formation transactions.

He also represents clients in obtaining representation and warranty and other transactional insurance policies. The Legal 500 US noted that Mr. Devins “has an encyclopaedia-like understanding of the insurance M&A landscape and the legal framework for getting deals done.”

Mr. Devins is admitted to the bar in New York. Before joining Debevoise in 2000, Mr. Devins practiced corporate law with the New York office of a major California law firm from 1998 to 2000.

Mr. Devins received his B.A. in economics and philosophy from the University of Toronto in 1992 and his J.D. cum laude from Georgetown University Law Center in 1998. Prior to law school, Mr. Devins served as a policy advisor to the premier of the Canadian province of Manitoba. Mr. Devins is a frequent writer and speaker on insurance industry and M&A topics. Mr. Devins serves on the Board of Directors and as Finance and Operations Chair of the Jazz Foundation of America.

Experience:

  • AmTrust Financial Services in the sale of its domestic and international surety and credit reinsurance operations to Liberty Mutual.
  • Atlas Merchant Capital in its investment in Ascensus, the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States.
  • Wilton Re in its agreements to reinsure legacy comprehensive and nursing home long-term care insurance policies from Bankers Life and Casualty.
  • Risk Strategies, a Kelso & Company portfolio company, in its acquisition of Oxford Risk Management, an established leader in alternative risk and captive insurance and consulting.
  • Syncora Holdings in a reinsurance agreement with Assured Guaranty to reinsure approximately $13.5 billion of financial guaranty policies, representing 91% of Syncora’s outstanding insured exposures.
  • Cornell Capital as a leading investor in the $2.05 billion acquisition of Talcott Resolution, The Hartford’s run-off life and annuity businesses.
  • Bedrock Insurance in its proposed acquisition of Ashmere Insurance, a workers’ compensation specialty insurance company.
  • Paraline Group and ICAT in the sale of ICAT to the Schinnerer Group, a subsidiary of Marsh & McLennan Companies.
  • Standard Diversified Opportunities in its acquisition of Interboro Holdings and its operating subsidiary, Maidstone Insurance Company.
  • American Coastal Insurance Company and its parent, RDX Holding Corp., in its merger with United Insurance Holdings Corp.
  • Nassau Reinsurance Group, a Golden Gate Capital portfolio company, in its acquisition of Universal American’s Traditional Insurance business.
  • HC2 Holdings in insurance regulatory aspects of its acquisition of Ranuula Insurance Company from Humana.
  • Sun Life in two reinsurance agreements, and a related administrative agreement, with affiliates of Enstar Group Limited.
  • J.C. Flowers and Ascensus in the sale of Ascensus to Genstar Capital and Aquiline Capital Partners.
  • Nassau Reinsurance Group, a portfolio company of Golden Gate Capital, in its $217.2 million acquisition of The Phoenix Companies.
  • Sun Life Financial in its $975 million acquisition of Assurant’s Employee Benefits business.
  • J.C. Flowers in its acquisition of AmeriLife Group.
  • AmRisc management in its purchase of American Coastal Insurance Company from BB&T, and its sale of a majority interest in AmRisc, a managing general agency, to BB&T.
  • HC2 Holdings in its acquisition of American Financial Group’s long-term care businesses.
  • Harbinger Group and its subsidiary Front Street Re, in the acquisition of Ability Re by way of a merger of Ability Re with and into Front Street Re, with Front Street Re as the surviving entity.
  • Tiptree Financial in the insurance aspects of its agreement to acquire Fortegra Financial in a public merger transaction valued at approximately $218 million.
  • Front Street Re in an annuity reinsurance transaction with Bankers Life Insurance Company.
  • AXA Liabilities Managers in U.S. legal and regulatory matters related to the acquisition by its investment vehicle, AXA DBIO, of the international subsidiaries of GLOBALE Rückversicherungs-AG.
  • Forethought Financial in its cash merger with a subsidiary of Global Atlantic Financial Group.
  • Cigna in regulatory and tax matters relating to its $3.8 billion acquisition of HealthSpring.
  • Harbinger Group in its $350 million acquisition of Old Mutual U.S. Life Holdings.
  • Sun Life Financial and Sun Life Assurance Company of Canada in Sun Life’s sale of its life reinsurance business to Berkshire Hathaway Life Insurance Company of Nebraska.
  • 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.
  • 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.
  • American International Group in the proposed sales of its Asian life insurance unit, American International Assurance, to Prudential plc for $35.5 billion and its Taiwanese life insurance unit, Nan Shan Life Insurance Company, to Primus Financial Holdings and China Strategic Holdings for $2.15 billion.
  • Prudential Financial in the combination of its retail securities business, Prudential Securities, with Wachovia Securities to create the third largest brokerage firm in the U.S. and in its $4.5 billion sale of such interest to Wells Fargo.
  • Hannover Re in its acquisition of the ING individual life reinsurance business from Scottish Re. (2009)
  • Cerberus Capital Management in the insurance aspects of its $14 billion acquisition of GMAC and $7.4 billion acquisition of Chrysler Group and related financial services business from DaimlerChrysler.
  • Misys in the combination of its healthcare business with Allscripts Healthcare Solutions, resulting in Misys owning a 54.5% interest in Allscripts-Misys Healthcare Solutions.
  • Cerberus Capital Management and MassMutual Capital in their $600 million purchase of a controlling interest in Scottish Re.
  • Stone Point Capital in its acquisition of a 51% interest in First Insurance Solutions Group from Fiserv.
  • J.C. Flowers & Co. in its acquisition of Crump Group from Marsh & McLennan; in the acquisition by Crump Group of the BISYS Insurance Services and BISYS Retirement Services business divisions from Citigroup; and in the sale of Crump Group’s life insurance and property casualty insurance divisions to BB&T.
  • Stone Point Capital and Harbor Point in the formation and initial $1.5 billion capitalization of Harbor Point Limited, a global reinsurance company based in Bermuda, and Harbor Point’s acquisition of the ongoing business of Chubb Re, a subsidiary of The Chubb Corporation.
  • ACE Limited in its sale of three subsidiaries–American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.–to Randall & Quilter Investment Holdings Limited.

Education:

  • Georgetown University Law Center, 1998, J.D.
  • University of Toronto, 1992, B.A.

Bar Admissions:

  • New York

Cost

Rate : $$$$

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