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Overview
Chad Vance is a partner in the Insurance Mergers & Acquisitions practice at Paul Hastings and is based in the firm’s Chicago office. Chad focuses his practice on a variety of corporate, securities and regulatory matters relating to the insurance and financial services industry. His work includes the representation of both buyers and sellers in connection with mergers, acquisitions and private equity transactions; the representation of underwriters and issuers in connection with public and private securities offerings, including initial public offerings and private placements of debt and equity securities; and the representation of lenders and borrowers in connection with financing transactions.
Education
- Cornell Law School, J.D. (cum laude, Dean''s List), 2007
- University of Michigan, B.A., 2002
Representations
- SiriusPoint (NYSE: SPNT) in the sale of ArmadaCorp Capital LLC, the holding company of SiriusPoint’s wholly owned supplemental health insurance program manager, ArmadaCare, to a subsidiary of Ambac Financial Group for a purchase price of $250 million.
- Artex, an alternative risk and capital solutions subsidiary of Arthur J. Gallagher & Co., in its acquisition of RIBV Holdings.
- Global Atlantic in the reinsurance of a $19.2 billion block of MetLife’s U.S. retail annuity and life insurance business.
- Resolution Life in a strategic transaction with Farmers New World Life Insurance Company (FNWL) involving the cession of FNWL’s in-force individual life business to Resolution Life subsidiary Security Life of Denver, a flow reinsurance treaty covering the current range of individual life products, and retrocession to Swiss Re of all of the reinsured term life liabilities.
- American International Group in the sale of Crop Risk Services to American Financial Group for approximately $240 million.
- Nassau Financial Group, a Golden Gate Capital portfolio company, in its strategic business combination with Angel Island Capital Management.
- BRP Group in its acquisition of Westwood Insurance Agency.
- Venerable in its transaction with Manulife to reinsure approximately $22 billion of variable annuity business from John Hancock.
- Primerica in its strategic acquisition of e-TeleQuote, a Florida-based senior health insurance distributor of Medicare-related insurance policies, valued on a pre-debt enterprise basis at $600 million.
- Venerable in its acquisition of Corporate Solutions Life Re from Equitable Holdings and the concurrent reinsurance of approximately $26 billion of variable annuity-related reserves from Equitable Financial Life Insurance Co.
- Aflac in its acquisition of Zurich North America’s U.S. group benefits business.
- Cigna in the $6.3 billion sale of its group life and disability insurance business to New York Life.
- Altamont Capital Partners in its proposed acquisition of Topa Insurance Group, a specialty P&C insurance carrier and producer.
- American International Group in the sale of a 19.9% interest in Fortitude Group Holdings, the Bermuda-based reinsurer of AIG’s legacy insurance portfolio, to The Carlyle Group.
- American International Group in the multibillion dollar sale of its legacy life settlements portfolio to leading alternative investment management firms.
- Apollo Global Management and Athene Holding in the acquisition from Voya Financial of Voya Insurance and Annuity Co., including Voya’s closed block variable annuity business, for approximately $500 million, and Athene’s agreement to reinsure $19 billion of Voya’s fixed and fixed indexed annuity liabilities.
- Athene in the establishment of its funding agreement-backed note program.
- Gallagher in its acquisition Coverdell & Co. and Carefree Marketing.
- Genworth in the sale of its lifestyle protection insurance business to AXA for €465 million.
- GoldenTree Asset Management in its $429 million acquisition of Syncora Guarantee, the financial guarantee insurance subsidiary of Syncora Holdings.
- GSO Capital Partners, the credit division of the Blackstone Group, in its purchase of $200 million of subordinated notes and warrants of NewStar Financial.
- GSO Capital Partners in its purchase of NewStar Financial’s $2.4 billion middle-market and credit investment portfolio in connection with First Eagle’s concurrent purchase of NewStar Financial.
- The Hartford in the sale of its life insurance and annuity businesses for $2.05 billion to an investor group that included Global Atlantic, Cornell Capital, TRB Advisors, Pine Brook and J. Safra Group.
- The Hartford in the sale of its Japanese variable annuity business to ORIX for $1.4 billion.
- Heritage Life Insurance Co. in its acquisition of Professional Life & Casualty Co.
- Kuvare Holdings in the acquisition by its subsidiary Guaranty Income Life Insurance Co. of Lincoln Benefit Life Co. from Resolution.
- Markel in its acquisition of SureTec Financial, one of the largest privately owned surety companies in the United States.
- Medical Protective, a Berkshire Hathaway company, in its acquisition of Princeton Insurance Co.
- Reinsurance Group of America in its acquisition of Aurora National Life Assurance Co. from Swiss Re.
- Sirius International Insurance Group in its proposed acquisition of a majority interest in Phoenix Holdings for $700 million from the Delek Group.
- Sirius International Insurance Group in the acquisition of International Medical Group, a leading provider of global medical insurance products.
- Sirius International Insurance Group in its acquisition of ArmadaCorp Capital, a leading provider of supplemental healthcare insurance products.
- Synchrony Financial in its acquisition of Pets Best, a pet health insurance industry pioneer.
Matters may have been handled before joining Paul Hastings.