June 07, 2019
Bernhardt Nadell
New York-based partner, King & Spalding LLP
New York-based partner, Stroock & Stroock & Lavan LLP
I think the outlook for insurance M&A will reflect continued intense competition between private equity firms and strategic buyers for a limited number of potential acquisition targets, and continued convergence between the objectives of financial and strategic buyers, e.g. strategies looking to maximize the internal rate of return for acquired business units rather than just focusing on “synergies.”
I would like to provide my clients the resources of a large firm with global capabilities. Even U.S. domestic transactions increasingly require international support, as the financing for acquisitions may come from overseas even if the buyer and seller in an acquisition process are U.S.-based.
In insurance M&A, there is increasing competition among bidders but limited inventory. Further, both the state regulatory and Committee on Foreign Investment in the United States approval processes are becoming increasingly demanding. Recent experience in the insurance M&A market has shown that a successful experience with one regulator does not ensure an acquirer a smooth process with another regulator.
I started practicing in this area as an associate in 1998.
Familiarize yourself with the regulatory landscape, as well as learning the nuts and bolts of doing transactions.
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I am looking forward to continued collaboration with various teams of highly skilled King & Spalding lawyers in different practice sub-specialties, such as private equity in New York; private equity, M&A and banking in Atlanta; regulatory practices in Washington, D.C.; and transactional practices overseas.
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