Daniel A. Rabinowitz
Over his three-decade career, Dan has advised on both the transactional and regulatory aspects of market-leading transactions in the insurance and reinsurance sectors. He advises and represents clients in mergers and acquisitions and other strategic combinations, insurance company investments and capital strategies; reinsurance matters, capital markets transactions, insurance-linked securities, securitization and structured finance, reserve financing, pension de-risking, restructurings and reorganizations, structured insurance products, capital standards, and holding company and corporate governance matters.
Dan’s work with insurance industry clients has earned him a well-deserved reputation as “a remarkable attorney and advisor who leverages his extensive experience in the insurance regulatory space to deliver swift, accurate and pragmatic guidance.” For more than a decade, Chambers USA has recognized him as a leading practitioner in the insurance transactional and regulatory field. According to Chambers sources, Dan “knows the industry inside out.” His “knowledge of insurance companies is unmatched,” making him “particularly strong in understanding the nuances of our unique situation so that he can better advise us on how to accomplish our ultimate objectives.” Clients describe Dan as “a solution seeker and finder” and a “commercial- and business-minded lawyer” who is “able to respond quickly to issues that are time-sensitive.”
Many of Dan’s matters involve first-of-their-kind situations or opportunities. His notable work in M&A and capital markets transactions includes advising Third Point Investors Limited on the insurance regulatory and reinsurance aspects of its all-share combination with Malibu Life Reinsurance SPC and re-IPO to create a unique London-listed reinsurance operating company. He advised Hiscox on its acquisition of specialist insurtech business Corix Insurance Services LLC and Vouch Insurance Company. Dan also counseled AmTrust Financial Services Inc. on insurance regulatory matters in connection with its role as a joint venture partner to Kestrel Group LLC in the context of Kestrel’s business combination with Maiden Holdings Ltd. to form a new, publicly listed specialty program group.
In a rapidly changing regulatory climate, Dan advises leading insurers and financial services firms on permitted investments, insurance risk-based capital and other matters relating to deployment of capital. In the areas of reinsurance, pension de-risking and structured products, Dan advised the trustee of HSBC Group’s UK pension scheme on US matters in a £7 billion longevity insurance and reinsurance transaction with Prudential Insurance Co. of America, and a leading insurtech company on reinsurance and administrative services matters involving a former fronting carrier. He also advised Hildene, a hedge fund, on life reinsurance, investment management and minority-investment matters in connection with its strategic alliance with SILAC Insurance Company.
Dan lends his extensive industry knowledge and experience to leadership roles, including serving as chair of the Insurance Law Committee of the New York City Bar Association from 2011 to 2014, and subsequently as a subcommittee chair. He also served as chair of the Insurance Regulation Subcommittee of the International Bar Association’s Insurance Law Committee and on the editorial advisory board for insurance for Law360.
In 2019, Dan received the Burton Award for Legal Writing, which recognizes the 20 best articles published in the past year by lawyers in the US, for his article in the New York Law Journal, “Do Unto Others — Reciprocity Through the Lens of Insurance Regulation.” He was named a 2021 National Law Journal Trailblazer for Insurance Law.
Experience & capabilities
Selected matters
Hiscox in its acquisition of Corix Insurance Services LLC and Vouch Insurance Company from Vouch Inc.
BroadRiver Asset Management in its acquisition of Lombard International Life Assurance Company from Blackstone Tactical Opportunities
Third Point Investors Limited in its acquisition of Malibu Life Reinsurance SPC and re-IPO to create a London-listed reinsurance operating company
AmTrust Financial (a joint venturer in Kestrel Group) in the combination of Maiden Holdings and Kestrel Group
Hildene Capital in its announced acquisition of Scottish Annuity & Life Insurance Company out of bankruptcy (later terminated)
White Mountains on US insurance matters relating to:
- its investment in NSM Insurance Group
- its investment in Distinguished Programs
- its sale of Sirius International Insurance Group to CM International Holding PTE Ltd., the Singapore-based investment arm of China Minsheng Investment Corp. Ltd
Euclid Transactional in its acquisition by CRC Group
Alliant Insurance Services in
- its $25 billion recapitalization
- its acquisition of Confie Seguros, the largest personal lines insurance distributor in the US.
- its acquisition of Crystal & Company, a leading global provider of insurance and employee benefits consulting services
ATRI Insurance Services in its acquisition by Platinum Specialty Underwriters
SitusAMC in connection with the sale of its loan insurance entity, Securent Risk Retention Group, and its related data, brokerage and services business, Risk and Insurance Services, to VineLight Ventures
Vensure Employer Solutions, a leading provider of HR/HCM technology, managed services and global business process outsourcing, in its acquisition of Emplicity, a provider of full-service PEO, HR outsourcing and risk transfer solutions in the areas of workers’ compensation, employment practices and employee benefits
CRC Group in its strategic acquisition of Risk Transfer Partners
Hildene Capital Management in its long term strategic alliance with SILAC Insurance Co., Utah's oldest active insurance company, and a leader in the annuity industry
K2 Insurance Services LLC in the acquisition of Global Indemnity Group LLC’s American Reliable specialty residential property business
Waterfall Sentinel Fund in its acquisition of Newcleus LLC, a leading provider of employer-owned life insurance and annuity products (with a core focus on bank and credit union institutions), as well as employee benefit design and analysis, compensation consulting and investment strategies
Zurich Assurance Ltd. as intermediary in Prudential Retirement’s International Reinsurance business’s first reinsurance transaction and third largest UK longevity risk transfer transaction to date, involving the transfer of longevity risk associated with $8.4 billion of pensioner liabilities from an unnamed UK pension scheme
Stone Point Capital LLC in a strategic investment by funds managed by Stone Point Capital in Allied Benefit Systems LLC, a leading independent third-party administrator of group health benefits to self-insured employers
EQT Private Equity on insurance matters with regards to its majority investment in Storable, a leading provider of software and technology to the self-storage industry
Mitchell | Genex in its acquisition of Coventry Workers’ Comp Services, a leading provider of cost containment technology, clinical service and disability management, from CVS Health
Preferred shareholders of a New York-domiciled insurer in connection with the insurer’s acquisition, including discussions with the transaction parties and the New York Department of Financial Services on treatment of the preferred shares, obtaining relief from DFS as well as a dividend at the closing of the acquisition
National General Holding Corp. in the acquisition of National Farmers Union Property and Casualty Company from QBE North America. The deal is valued at $52.8 million.
Lee Equity Partners in its acquisition of K2 Insurance Services, a managing general agent, including K2’s spin-off of Aegis Security Insurance
The trustee of HSBC Group’s UK pension scheme on US insurance law and commercial law issues in a £7 billion longevity insurance and reinsurance transaction with Prudential Insurance Company of America
Stone Point Capital LLC in its acquisition of LegalShield, a subscription-based provider of legal plans and a provider of identity theft solutions, from funds controlled by MidOcean Partners
Piper Jaffray & Co., in connection with a Rule 144A/Regulation S offering by The Savings Bank Life Insurance Company of Massachusetts of $57,320,000 aggregate principal amount of 6.50% surplus notes due 2047. The notes were offered in connection with SBLI's concurrent reorganization to a mutual insurance company.
Six policyholders of Financial Guaranty Insurance Co. in a proposed transaction with FGIC and Assured Guaranty Ltd. that offers distribution of approximately $1.9 billion in cash to commuting FGIC policyholders and holders of FGIC deferred payment obligations in FGIC’s noninvestment-grade portfolio. The transaction would also involve Assured’s providing 100% quota share reinsurance on FGIC’s investment-grade portfolio and excess-of-loss cover on the remaining noncommuted policies in the noninvestment-grade book.
Stone Point Capital LLC in its acquisition of NFP’s Advisor Services business, which provides broker-dealer and registered investment adviser support to independent financial advisers
Surplus Noteholders of MBIA Insurance Corp. in a commitment agreement to provide MBIA with $325 million of secured financing
National General Holdings Corp. on insurance and related regulatory issues in connection with its acquisition of Elara Holdings Inc., the parent company of Direct General Corp., a Tennessee-based auto and life insurance company
ACP Re Ltd. in its acquisition of Tower Group International Ltd
AmTrust Financial Services Inc., a multinational insurance holding company, in its acquisition of Warranty Solutions, a Wells Fargo company, which provides vehicle service contracts and auto-related finance and insurance products to automobile dealerships nationwide
Royal Bank of Canada in the sale of Liberty Life Insurance to Athene Holding and Protective Life
AIG in a number of matters:
- its sale of ALICO to MetLife
- US regulatory applications relating to the proposed sale of AIA to Prudential plc
- the divestiture of Transatlantic Re by means of registered share offerings
- the sale of Hartford Steam Boiler to Munich Re
- the establishment of Maiden Lane II (restructuring of portfolio of distressed assets)
- the purchase of Maiden Lane III securities from NY Fed
ING Groep N.V. on the US insurance regulatory aspects of a risk transfer transaction with the Dutch State covering an Alt-A RMBS portfolio
IPC Holdings in its acquisition by Validus Holdings, following the termination of consolidation with Max Re.
Paris Re in its acquisition by PartnerRe
A major monoline insurer in the divestiture of financial guaranty risks by reinsurance
A multiline insurer in a managed runoff of an offshore financial guaranty insurer by reinsurance and share buyback
Goldman Sachs in the acquisitions of life and annuity businesses from Hanover Insurance Group
A major insurance group in a series of structured transactions involving approximately $12 billion in proprietary investments
The initial purchasers in Rule 144A offerings of $1.4 billion of surplus notes and senior notes by Pacific Life
Obtained US insurance regulatory approvals for AXA in connection with its acquisition of Winterthur from Credit Suisse
Tokio Marine on its acquisition of Philadelphia Consolidated
John Hancock in its sale to Manulife
Prudential in its demutualization and related capital-raising transactions totaling $3 billion in deal value
Western & Southern Life in its conversion to mutual holding company status
NY Public Asset Fund, a special-purpose state funding entity, in the conversion of Empire Blue Cross Blue Shield to for-profit status and a related initial public offering, with deal value exceeding $400 billion
AXA and Osiris Capital in connection with the securitization of life insurance mortality risk through a catastrophic mortality bond offering, the first catastrophic mortality program structured for a primary insurance company, and the first catastrophic mortality bond offering to include both euro-denominated and US dollar-denominated notes
AXA and Aura Re in catastrophe bonds covering European natural catastrophe risk
Allianz and Blue Fin in catastrophe bond issuances
Allianz in its investment in Hartford Financial Services Group
The initial purchasers in first-of-kind credit for a reinsurance collateral facility for a leading Bermuda life reinsurer, raising $325 million in proceeds
A major US life insurer on a triple-X financing provided by a leading investment bank
An investor’s manager in the purchase of $17.5 million of newly issued surplus notes of a catastrophe insurance company
Sectors
Background
Education
- J.D., University of Chicago Law School, 1994
- A.B. in politics and history (double concentration), magna cum laude, Phi Beta Kappa, Brandeis University, 1991
Bar Admissions
Professional Affiliations
- New York City Bar Association, Member and Past Chair of the Committee on Insurance Law
- Law360 Insurance Editorial Advisory Board (2017)
- International Bar Association, Member of the Insurance Law Committee, Former Chair of Insurance Regulation Subcommittee
Recognition
Chambers and Partners’ Chambers USA
Thomson Reuters' New York Metro Super Lawyers*
IFLR1000
Law Business Research Limited, Who's Who Legal
The National Law Journal’s 2021 Trailblazers: Insurance Law
Burton Award, Distinguished Legal Writing
Marvin Frankel Pro Bono Award
Legalease’s Legal 500 US
* No aspect of this advertisement has been approved by the Supreme Court of New Jersey. A description of the Super Lawyers selection methodology can be found here.
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