Unlike the formation of unregulated business entities, forming an insurance company or other regulated insurance entity requires an awareness of a distinct variety of legal, financial and practical issues. Our lawyers have extensive experience in forming, advising and licensing various forms of life, health and property and casualty insurance companies, including specialized entities such as captives, and monoline insurers, as well as other insurance related enterprises, such as insurance agencies, brokers and other intermediaries, managing general agents, third party administrators and risk retention and risk purchasing groups.
Sidley has also been a leader in insurance company reorganizations, including the complex area of mutual insurance company conversions and reorganizations, having represented insurers, state insurance departments and investment banks. We have been involved in more than a dozen transactions involving the conversion of a mutual insurance company to stock form through a mutual holding company (MHC) reorganization or complete demutualization. Our range of experience in these matters makes us particularly suited to offer both legal counsel and strategic business advice to a variety of clients, including boards of directors, company management and investment banks in connection with structural options for mutual companies. We have also been involved in the development of MHC and demutualization statutes and regulations and the formulation of related regulatory policy in certain jurisdictions.