PRACTICE AREAS


Bernhardt Nadell concentrates primarily in insurance industry mergers and acquisitions, insurance-linked securities transactions, reinsurance, insurance law and general corporate matters. In the area of mergers and acquisitions, he has represented acquirors and sellers in a number of complex insurance-related transactions, including acquisitions of run-off companies, management buyouts, acquisitions of annuity business, asset transfers, renewal rights transactions, acquisitions from distressed insurers, sponsored demutualizations and a mutual holding company conversion. In the securitization area, he has been involved in numerous reserve financing and embedded value transactions. Mr. Nadell has also represented insurers and reinsurers in property casualty, life and annuity reinsurance transactions, as well as in general corporate and related regulatory matters. 


REPRESENTATIVE MATTERS

Mr. Nadell's representations have included:
 
  • ORIX Life Insurance Corporation in $963 million acquisition of Hartford Financial Services’ Japanese variable annuity business;
  • Private equity firm in $950 million investments in life and annuity reinsurers;
  • CIGNA Corp. in its $2.1 billion sale of CIGNA Life Insurance Company and CIGNA's retirement (including variable and fixed annuities) business to Prudential Financial, Inc.;
  • Leading investment bank in $2 billion variable annuity reinsurance transaction;
  • Reservoir Capital and Black Diamond Capital in acquisition of SBLI USA Mutual Life Insurance Company through a sponsored demutualization;
  • Arch Insurance Company in acquisition of alternative market business of SPARTA Insurance Holdings, Inc.;
  • Management of Royal & Sun Alliance USA, Inc. in its $300 million buyout of the U.S. operations of Royal & Sun Alliance Insurance Group plc;
  • Special Committee of the Board of Directors of Atlantic Mutual Insurance Company in the sale of its personal lines business to The ACE Group of Companies;
  • Nomura Reinsurance Intermediary, Inc. in (i) $2.9 billion closed block reinsurance transaction for Phoenix Life Insurance Company and (ii) $700 million in reserve financing transactions;
  • Crédit Agricole in $2.3 billion in Triple X and Guideline AXXX reserve financing transactions;
  • Goldman Sachs in expansion of its property casualty business, including block of business acquisition, regulatory compliance and reinsurance matters;
  • Citibank, N.A. in reinsurance of $1.9 billion Japanese variable annuity business;
  • MBIA in $800 million Northwind Re embedded value securitization for Unum Group;
  • Citibank, N.A. in its $555 million Regulation Triple X reserve financing provided to Scottish Re Group;
  • Liberty Mutual Insurance Company in its $550 million acquisition of Prudential Property and Casualty Insurance Company;
  • Endurance Reinsurance Corporation of America in its acquisition of renewal rights and $400 million unearned premium reserve from Hartford Fire Insurance Company;
  • Travelers Property Casualty Corporation in its $580 million acquisition of the surety and fidelity bond business of Reliance Insurance Company and its affiliates;
  • Travelers Property Casualty Corporation in its $125 million sale of a minority investment in Gulf Insurance Group to Trident II, L.P. and related investment funds;
  • Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance of Wausau, A Mutual Company in the first formation of a mutual holding company in Massachusetts and the subsequent merger of mutual holding companies;
  • AmerUs Group Co. in its sponsored demutualization/acquisition of Indianapolis Life Insurance Company;
  • New York Life Insurance Company in the sale of its individual disability income insurance business to UnumProvident Corporation and modified coinsurance of $800 million in reserves;
  • Liberty Mutual Insurance Company in its affiliation with Employers Insurance of Wausau, A Mutual Company and acquisition of its stock insurance company subsidiaries; and
  • Jacobson Partners in its acquisition of the airline products business of Stewart & Stevenson Services, Inc.

HONORS & AWARDS

Chambers USA: America’s Leading Lawyers for Business has recognized Mr. Nadell as a leading insurance transactional attorney since 2009. He has also been nationally recommended by The Legal 500 United States.

MEMBERSHIPS

  • Member, Insurance Law Committee, New York City Bar Association

SPEECHES & EVENTS

  • Panelist, "What's New in Reserve Financing," SOA Valuation Actuary Symposium, Indianapolis, IN, September 23-24, 2013 
  • Panelist, "New Developments in Securitization 2011," Practising Law Institute, New York, NY, December 1-2, 2011

ADMITTED TO PRACTICE

New York, 1996


EDUCATION

J.D., New York University School of Law, 1995

A.B., magna cum laude, Harvard College, 1992

 

PUBLICATIONS

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