Allison J. Tam

Willkie advised Prudential Financial, Inc. on its agreement to reinsure a $10 billion portion of its traditional variable annuity block with an affiliate of Constellation Insurance Holdings, Inc. Under the terms of the agreement, announced on May 24, Constellation’s affiliate will reinsure approximately $10 billion of Prudential Defined Income (PDI) traditional variable annuity contracts with guaranteed living benefits issued by Pruco Life Insurance Company (PLAZ), a subsidiary of Prudential Financial. The transaction will result in approximately $650 million in proceeds for Prudential, furthering Prudential’s transformation strategy by reducing market sensitivity and increasing capital flexibility. Prudential Financial, Inc. is a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of March 31, 2023. The Willkie team was led by partners Gregory Astrachan and Michael Stern and included partners Howard Block, Elizabeth Bannigan, Chip Lunde, Allison Tam, Vadim Mahmoudov, Laura Jehl and Daniel Alvarez, and associates Jenae Moxie, Rubini Wu, Kari Prochaska, and M. Dalton Rodriguez.

May 25

1 min

Willkie advised American Family Insurance Group (“American Family”) in a new partnership with Gallatin Point Capital, whereby funds managed by Gallatin Point have acquired a majority stake in the attorney-in-fact for Trusted Resource Underwriters Exchange (“TRUE”), a reciprocal insurer established by American Family in 2020 to serve homeowners in storm-prone regions of Florida and other parts of the country. In connection with the transaction, Gallatin Point is investing over $1.25 billion into TRUE, enabling it to provide additional underwriting capacity in Florida and to strategically expand its footprint nationally. American Family will remain a minority owner in the attorney-in-fact and continue providing distribution and client services such as claims handling and call center support. Closing was announced on January 2, 2024. American Family Insurance Group is the nation’s 12th-largest property/casualty insurance group, ranking No. 301 on the Fortune 500 list. The American Family Insurance Group also includes CONNECT, powered by American Family Insurance, The General, Homesite and Main Street America Insurance. The Willkie team was led by partners David Luce, Laura Delanoy, David Heales and Allison Tam and included partners Spencer Simon, Jordan Messinger and Vadim Mahmoudov, and associates Christian Truman, Kristin Barry, Melissa Khajaei, Sherrone Torres, Daniel Iverson, Shay Moyal, Andrew O’Conner and Dana Lake.

Jan 4

1 min

Willkie advised Convex Group Limited ("Convex Group"), a global specialty insurance and reinsurance group, in connection with its inaugural Tier 2 regulatory capital bond offering in the London Regulation S market. The offering consisted of $600 million in aggregate principal amount of 6.500% Fixed Rate Reset Callable Subordinated Notes due 2046 (the "Notes"), which were issued on January 21, 2026. The Notes were structured to receive Tier 2 solvency capital treatment under the Bermuda Monetary Authority’s Group Supervision and Eligible Capital Rules. The Notes are listed on the International Securities Market of the London Stock Exchange and were offered to institutional investors outside the United States in reliance on Regulation S under the Securities Act of 1933. Convex Group intends to use the majority of the net proceeds from this offering to support its long-term capital structure and strategic independence, as well as to finance a share repurchase in connection with recent equity investments by Onex Corporation and American Insurance Group (AIG). The Willkie team was led by partner Jennifer Tait and included associate Snaebjorn Olafsson and trainee solicitor Ellen Gribben in London. Partner Isaac Silverstein and counsel Catherine Harrington in New York provided U.S. tax advice. Partner Jane Scobie and associate Ashley Jamali in London provided U.K. tax advice. Partners Allison Tam and Andrew Tromans in New York and London and associate Melisa Khajaei in New York provided insurance regulatory advice and associates Rowan Khanna and Kari Prochaska in London supported on financial regulatory and data protection matters, respectively.

Jan 26

1 min

Willkie recently advised Arch Capital Group Ltd. (Nasdaq: ACGL) as the lead of a syndicated group of investors that acquired a 10% GP stake in Pershing Square Capital Management, L.P. for an aggregate purchase price of $1.05 billion. On June 3, Pershing Square Capital Management announced the sale of a 10% common equity interest in Pershing Square Holdco, L.P. – a newly formed limited partnership that owns 100% of Pershing Square Capital Management – for a purchase price of $1.05 billion to a consortium of strategic investors including Arch Capital Group Ltd. The Willkie team was led by partners David Hong and Giovanni Smedley and included partners Russell Leaf, Sean Ewen, Elizabeth Buckley Lewis, Justin Browder, Elliot Gluck and Allison Tam and associate Edward Kocis. For more details on the transaction, read Pershing Square Capital Management’s press release here.

Jun 10

1 min

Willkie represented MGT Partners LLC, a privately owned organization backed by experienced insurance executives and investors, in its acquisition of CM Select Insurance Company from Church Mutual Holding Company Inc., a leading insurer of religious organizations in the U.S. Announced on October 4, the completed acquisition marks the launch of MGT Insurance, a tech-enabled risk solutions platform focused on the commercial property and casualty market. Founded in 2017, CM Select is an insurance carrier that provides commercial property and casualty insurance to smaller religious and non-profit organizations. MGT is expanding its offering of Business Owner’s Policy and package products to classes beyond religious and nonprofits, including veteran and minority-owned businesses. The Willkie team was led by Michael Groll and included Allison Tam, Justin Sommerkamp, Eugene Chang and Donald Henderson.

Oct 4

1 min