Bernhardt NadellPartner

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Offices


Services

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, Bernhardt has represented acquirors and sellers in 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, Bernhardt has been involved in reserve financing and embedded value transactions. He has represented insurers and reinsurers in property casualty, life and annuity reinsurance transactions, as well as in general corporate and related regulatory matters.

Chambers USA has recognized Bernhardt as a leading insurance transactional attorney for many years. He also has been nationally recommended by The Legal 500 United States.


Representative Matters

Bernhardt’s representations have included:
  • Atlas Merchant Capital in $2.05 billion acquisition of Talcott Resolution, the run-off life insurance and annuity division of The Hartford;
  • ORIX Life Insurance Corporation in $1.4 billion acquisition of The Hartford’s Japanese variable annuity subsidiary;
  • Talcott Resolution buyer consortium in $9.6 billion structured settlement and fixed annuity reinsurance transaction with Global Atlantic;
  • 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 Japanese variable annuity reinsurance transaction;
  • Reservoir Capital and Black Diamond Capital in acquisition of SBLI USA Mutual Life Insurance Company through a sponsored demutualization;
  • Nomura in (i) $2.9 billion closed block reinsurance transaction for Phoenix Life Insurance Company and (ii) $1 billion in reserve financing transactions;
  • Atlas Merchant Capital in investment in Somerset Reinsurance Ltd.;
  • Arch Insurance Company in (i) acquisition of alternative market business of SPARTA Insurance Holdings, Inc. and (ii) $400 million loss portfolio transfer reinsurance transaction with Catalina;
  • 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;
  • 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, “leading insurance transactional attorney”
  • The Legal 500 United States, “nationally recommended”

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


Education

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

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


 
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Publications