General Business Insurance Mergers & Acquisitions

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.
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New York’s Highest Court Creates Exception to Pro Rata Allocation

On May 3, 2016, the New York Court of Appeals answered two certified questions posed by the Delaware Supreme Court regarding the appropriate allocation method for long-tail claims among successive excess carriers. The first...more

Your daily dose of financial news The Brief – 5.4.16

MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest...more

California Insurance Commissioner Approves Centene/Health Net Merger

Since the summer of 2015, a great deal of attention has focused on whether the proposed Anthem/Cigna and Aetna/Humana mergers will be approved by federal and state antitrust regulators. These transactions have been the...more

Insurance Antitrust Newsletter - May 2016

Insurer Antitrust Exemption in Europe in Jeopardy - In the United States, the McCarran Ferguson Act provides insurers with an exemption from the federal antitrust laws. Enacted in 1945, the Act provides that conduct that...more

Your daily dose of financial news The Brief – 4.1.16

Well, can’t say we didn’t see this coming. Fresh off of shedding two more financial-related business units (and a day removed from the MetLife SIFI decision) GE has requested that federal regulators withdraw its own SIFI...more

Your daily dose of financial news The Brief – 3.31.16

MetLife went to the mats over its SIFI label . . . and it won big. A federal judge in D.C. yesterday rescinded the “too big to fail” designation for the insurer, though the government can appeal the decision. The decision...more

Do You Have to Disclose a Government Investigation? Practical Considerations, Legal Standards, and Recent Case Law

After receiving an inquiry from a government agency, such as a subpoena, a Civil Investigative Demand (“CID”), or an informal request for information, public companies ask whether they must disclose publicly that they may be...more

Your daily dose of financial news The Brief – 3.8.16

Health-care focused hedge fund Visium Asset Management disclosed to investors yesterday that it’s the subject of an ongoing SEC and DOJ investigation—reportedly over Visium’s “valuation of certain securities” in a fund it...more

Insurance 2015 year-end review and forecast for 2016

Our Year-End Review and Forecast for 2016 reviews some of the more notable events and trends in the insurance industry over the past 12 months. Our crystal ball is a bit clouded by the scale and speed of changes we see, but...more

Proposed Aetna-Humana Merger Passes Another Hurdle in Antitrust Review

The proposed merger between major health insurers Aetna Inc. and Humana Inc. continues to inch closer to finalization. In a recent press release, Aetna announced that 10 states have now signed off on its proposed acquisition...more

Using representations and warranties insurance in global M&A deals: 8 questions and answers

Negotiation over representations and warranties (R&W) and related indemnification provisions has always been particularly burdensome in M&A transactions, since buyers and sellers have naturally opposite incentives. Sellers...more

The Best of Intentions: Letters of Intent in the Sale of a Business

The sale of a business often takes several months and generates huge amounts of paperwork. The process culminates in a purchase agreement typically exceeding fifty single-spaced pages full of dense wording....more

How Will the Consolidation of Insurance Markets Affect You?

Market consolidation dominated the insurance industry last year, and all signs suggest that this trend toward consolidation will continue. One of the largest mergers involves ACE Limited, which announced in July 2015 that it...more

Your daily dose of financial news The Brief – 1.13.16

Likely prompted by its ongoing SIFI battle, MetLife is reportedly looking to spin off its retail life and annuity business and break up what’s now the largest life insurance company in the US, with $880 billion in assets –...more

States Launch Hearings on Major Insurance Company Mergers

This summer, in the space of only a few weeks, Aetna announced an intention to acquire Humana, followed by an announcement by Anthem that it was planning to merge with Cigna. As was widely reported at the time, if...more

Rep & Warranty Insurance Doesn't Guarantee Purchase Price

The purchase of buyer side representation and warranty insurance has become increasingly an integrated part of U.S. merger and acquisition transactions. Purchase of the product permits sellers to escrow less of the sale...more

M&A Transactions: Affordable Care Act Due Diligence Considerations

The Affordable Care Act (ACA) has significantly changed the legal landscape for employer-sponsored health plans by adding reporting obligations, benefit mandates, fees, notices and potential penalties for plans that do not...more

Overriding Interest - Winter 2015

What Price Heritage? In April this year English Heritage split into two organisations. English Heritage, now a self funding charity, assumed responsibility for the national collection of over 400 historic properties. The...more

Congress Takes Long Look at Proposed Health Insurance Mergers

While the Department of Justice Antitrust Division is responsible for reviewing the proposed Anthem/Cigna and Aetna/Humana mergers for any potential competitive concerns, Congress jumped into the process with both feet in...more

Health Care Mergers Come Under Scrutiny

In July, 2015, Aetna struck a deal to buy Humana for $37 billion, which would cover 33 million members. Merging with Humana would give Aetna more than one-quarter of the total Medicare Advantage market, analysts say. In...more

Health Insurance Company Unitedhealth Discussing Possible Merger

In the health care industry, saying competitive and operating efficiently is important for survival, and businesses in this industry need to continually seek to consolidate resources to ensure they are operating in as...more

An Antidote for Deal Risk: R&W Insurance

In today’s robust M&A market, buyers and sellers are both looking for ways to make transactions more attractive to sellers by ensuring that they retain most of the net proceeds after the deal closes. To accomplish this, both...more

Better Late Than Never: The California Supreme Court Reverses Itself, Holding That Corporate Policyholders May Assign Insurance...

Asset purchase and sale transactions are a preferred structure for many corporate deals. For a variety of reasons, it may be prudent for businesses or product lines to be transferred through these transactions, and an asset...more

District of Colorado Grants Summary Judgment for Insurer on Bad Faith Claim Arising from Denial of Coverage Under E & O Policy

P&S LLC v. Nat’l Union Fire Ins. Co. of Pittsburgh, Pa., No. 14-cv-00735-LTB-CBS (D. Colo. July 29, 2015). District of Colorado grants summary judgment for insurer on bad faith claim where insurer established that an...more

FTC Announces Increase in Merger Filings by Insurers and Overall

On August 12, the Federal Trade Commission (FTC) and DOJ released the agencies' 37th Annual Hart-Scott-Rodino Act (HSR) Report, highlighting the 33 merger enforcement actions brought by the agencies over the federal...more

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