Michael D. Devins

Selected examples of Michael’s experience include representation of:

• New Enterprise Associates (NEA) on insurance regulatory matters in the take-private acquisition by an NEA affiliate of NeueHealth at an enterprise value of approximately US$1.3 billion (pending).
• RGA in the acquisition of a US$4.1 billion block of long-term care and structured settlement business from John Hancock.
• Nassau Financial Group, a Golden Gate Capital portfolio company, in a strategic partnership with Golub Capital, including a US$200 million equity investment by Golub Capital in Nassau and a long-term investment management agreement.
• Nassau Financial Group in obtaining a US$150 million revolving credit facility and a US$100 million term loan credit facility.
• Nassau Financial Group in a strategic partnership with Fortress Investment Group, including a US$130 million equity investment by Fortress in Nassau and a long-term investment management agreement.
• Zinnia in its strategic acquisition of Policygenius, a digital insurance marketplace.
• Nassau Financial Group in its strategic business combination with Angel Island Capital Management.
• Nassau Financial Group in the acquisition of Delaware Life Insurance Company of New York.
• Security Benefit and its subsidiary Everly Holdings in the acquisition of Settlers Life from National Guardian Life.
• The Nassau Companies of New York in cash tender offers for up to a combined US$100 million of outstanding debt securities issued by it and one of its wholly-owned subsidiaries.
• Tiptree and Fortegra on the insurance and regulatory aspects of a US$200 million strategic investment in Fortegra from Warburg Pincus.
• Ambac Financial Group as a lead investor in a US$15.5 million seed funding of Cover Whale Insurance Solutions, an insurtech MGA focused on the commercial auto space.
• Nassau Financial Group in the sale of its life insurance and annuity distribution company, Saybrus Partners, to AmeriLife Group.
• Ambac Financial Group in its acquisition of Xchange Benefits and Xchange Affinity Underwriting Agency, property and casualty managing general underwriters.
• UPC in the transfer of personal lines business in four states to HCI.
• Cornell Capital and Hudson Structured Capital Management in their acquisition of a majority interest in Vault Insurance.
• Kelso & Company, as part of a consortium with Arch Capital Group and Warburg Pincus, in the US$700 million acquisition of Watford Holdings, a global property and casualty insurance and reinsurance company.
• Cornell Capital and its portfolio company Spectrum Automotive Holdings in several acquisitions of vehicle service contract providers.
• Syncora Holdings in its US$429 million sale of Syncora Guarantee, a wholly owned subsidiary, to Star Insurance Holdings, an entity organized by GoldenTree Asset Management LP.
• Tiptree in the acquisition of Smart AutoCare, a vehicle warranty solutions provider.
• Atlas Merchant Capital in its investment in Ascensus, the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States.
• Risk Strategies, a Kelso & Company portfolio company, in its acquisition of Oxford Risk Management, an established leader in alternative risk and captive insurance and consulting.
• Syncora Holdings in a reinsurance agreement with Assured Guaranty to reinsure approximately US$13.5 billion of financial guaranty policies, representing 91% of Syncora's outstanding insured exposures.
• Cornell Capital as a lead investor in the US$2.05 billion acquisition of Talcott Resolution, The Hartford’s run-off life and annuity businesses.
• American Coastal Insurance Company and its parent, RDX Holding Corp., in its merger with United Insurance Holdings Corp.
• Nassau Reinsurance Group in its acquisition of Universal American’s Traditional Insurance business.
• HC2 Holdings in insurance regulatory aspects of its acquisition of Karawha Insurance Company from Humana.
• Sun Life Financial in two reinsurance agreements, and a related administrative agreement, with affiliates of Enstar Group Limited.
• Nassau Reinsurance Group in its US$217.2 million acquisition of The Phoenix Companies.
• Sun Life Financial in its US$975 million acquisition of Assurant’s Employee Benefits business.
• AmRisc management in its purchase of American Coastal Insurance Company from BB&T, and its sale of a majority interest in AmRisc, a managing general agency, to BB&T.
• HC2 Holdings in its acquisition of American Financial Group’s long-term care businesses.
• Harbinger Group and its subsidiary Front Street Re, in the acquisition of Ability Re by way of a merger of Ability Re with and into Front Street Re, with Front Street Re as the surviving entity.
• Tiptree Financial in the insurance aspects of its agreement to acquire Fortegra Financial in a public merger transaction valued at approximately US$218 million.
• Front Street Re in an annuity reinsurance transaction with Bankers Life Insurance Company.
• AXA Liabilities Managers in U.S. legal and regulatory matters related to the acquisition by its investment vehicle, AXA DBIO, of the international subsidiaries of GLOBALE Rückversicherungs-AG.
• Cigna in regulatory and tax matters relating to its US$3.8 billion acquisition of HealthSpring.
• Harbinger Group in its US$350 million acquisition of Old Mutual U.S. Life Holdings.
• Hannover Re in its acquisition of the ING individual life reinsurance business from Scottish Re.
• Cerberus Capital Management in the insurance aspects of its US$14 billion acquisition of GMAC and US$7.4 billion acquisition of Chrysler Group and related financial services business from DaimlerChrysler.
• Cerberus Capital Management and MassMutual Capital in their US$600 million purchase of a controlling interest in Scottish Re.
• Stone Point Capital and Harbor Point in the formation and initial US$1.5 billion capitalization of Harbor Point Limited, a global reinsurance company based in Bermuda, and Harbor Point's acquisition of the ongoing business of Chubb Re, a subsidiary of The Chubb Corporation.
• ACE Limited in its sale of three subsidiaries–American Reinsurance Company, Brandywine Reinsurance Co. (UK) Ltd. and Brandywine Reinsurance Company S.A.–to Randall & Quilter Investment Holdings Limited.

Some of the above matters were handled prior to joining Sidley.