TreatiseTreatise

Insurance and Investment Management M&A Deskbook

 by Debevoise & Plimpton LLP
 
 Copyright: 2015-2017
 Last Updated: March 2017

 Product Details >> 

Product Details

  • ISBN Number: 9781402423710
  • Page Count: 448
  • Number of Volumes: 1
  •  

An evolving regulatory landscape and changing economic conditions continue to affect business organization and capital requirements in the global insurance industry, leading to new participants, new transactions, and new challenges. Insurance and Investment Management M&A Deskbook provides attorneys with an essential reference to keep up with emerging trends in insurance and investment management M&A.

The Deskbook covers topics such as acquisitions of public insurance companies, blocks of insurance business and private acquisitions; the regulatory environment of the insurance industry and the financial services industry; investment in the insurance industry by private equity and pension funds; and the expansion of insurance industry participants into emerging markets around the globe. The Deskbook also provides specific guidance for understanding Lloyd’s of London and the M&A market for mutual life insurers.

  Table of Contents
  Foreword
Chapter 1: Acquiring a Publicly Traded Insurance Group
  • § 1:1 : Introduction1-2
  • § 1:2 : Preliminary Considerations1-4
    • § 1:2.1 : Speed Is Less of a Factor with Insurance Targets1-4
    • § 1:2.2 : Due Diligence1-4
    • § 1:2.3 : Confidentiality and Disclosure Issues1-5
  • § 1:3 : Structure of the Acquisition1-6
    • § 1:3.1 : United States1-6
      • [A] : Steps in Unregulated Industries1-6
      • [B] : Single-Step Merger in the Insurance Industry1-7
    • § 1:3.2 : United Kingdom1-9
      • [A] : The City Code on Takeovers and Mergers and the Takeover Panel1-9
      • [B] : Recommended Offer Followed by Compulsory Acquisition1-12
      • [C] : Scheme of Arrangement1-14
    • § 1:3.3 : Cross-Border Acquisitions1-16
      • [A] : SEC Requirements—Stock As Consideration1-16
      • [B] : Other SEC Considerations1-18
  • § 1:4 : Other Legal Considerations1-19
    • § 1:4.1 : Antitrust/Merger Control Approval1-19
    • § 1:4.2 : Restrictions on Government Ownership of U.S. Insurance Businesses1-20
    • § 1:4.3 : Regulatory Termination Fee1-21
    • § 1:4.4 : Other Requirements1-21
  • § 1:5 : Protecting the Deal1-22
    • § 1:5.1 : General: Deal Protection and the Duties of the Board1-22
    • § 1:5.2 : Deal Protection Devices in U.S. Acquisitions1-24
      • [A] : No-Shop Covenants; Fiduciary Outs1-24
      • [B] : Forcing a Stockholder Vote1-26
      • [C] : Break-Up Fees1-27
      • [D] : Stockholder Lock-Up Agreements1-28
      • [E] : Stock Options1-29
      • [F] : Other Contractual Protections1-29
  • § 1:6 : Hostile Acquisitions1-30
    • § 1:6.1 : Hostile Acquisitions in the United States1-33
      • [A] : Insurance Regulatory Impediments to an Acquisition1-34
      • [B] : Other Impediments to an Acquisition1-36
      • [C] : Defensive Measures1-36
        • [C][1] : Structural Defenses1-37
        • [C][2] : Shareholder Rights Plans (Poison Pills)1-37
        • [C][3] : Board Duties in Considering a Takeover Bid1-39
          • [C][3][a] : Business Judgment Rule1-39
          • [C][3][b] : “Just Say No”?1-39
        • [C][4] : Defensive Techniques1-40
        • [C][5] : Entering into a Transaction with a White Knight1-41
        • [C][6] : Mutual Insurance Companies1-42
    • § 1:6.2 : Hostile Acquisitions in the United Kingdom1-42
      • [A] : The City Code on Takeovers and Mergers1-42
      • [B] : The Target’s Defense1-43
      • [C] : Restrictions on Frustrating Action1-44
Chapter 2: Private Acquisition of an Insurance Business
  • § 2:1 : Tailoring the Structure to Meet the Parties’ Goals2-3
    • § 2:1.1 : Acquire an Insurer with Its Entire Business2-3
    • § 2:1.2 : Acquire an Insurer but Only Part of Its Business2-4
    • § 2:1.3 : Acquire a Block of Insurance Business2-5
    • § 2:1.4 : Acquire Renewal Rights2-5
    • § 2:1.5 : Acquire a “Clean Shell”2-6
  • § 2:2 : Key Due Diligence Issues2-7
    • § 2:2.1 : Financial Due Diligence2-8
      • [A] : Reserves and Capital Requirements2-8
      • [B] : Investment Portfolios2-9
      • [C] : Existence of Guaranteed Benefits2-10
    • § 2:2.2 : Reinsurance2-11
      • [A] : Intra-Group2-11
      • [B] : Third-Party Reinsurers2-12
      • [C] : Reserve Financings2-12
      • [D] : Finite Risk Reinsurance2-13
      • [E] : Terrorism Risk Insurance Act Issues2-15
    • § 2:2.3 : Reach of Target’s Business2-16
      • [A] : Where Is the Target and/or Its Subsidiaries Established?2-16
      • [B] : Where Else Is the Target and/or Its Subsidiaries Licensed?2-16
      • [C] : Where Has the Target Carried Out Insurance Business?2-17
    • § 2:2.4 : Sales Practices and Compliance with Law/Regulation2-17
      • [A] : Contingent Commission Agreements2-18
      • [B] : Discriminatory Underwriting2-20
      • [C] : Slavery Reparations2-22
      • [D] : Retained Asset Accounts (U.S. Life Insurers)2-23
      • [E] : Escheat Laws (U.S. Life Insurers)2-23
      • [F] : Vanishing Premium Litigation2-24
      • [G] : Licensing Issues2-25
      • [H] : Plan of Operations Enforcement2-25
      • [I] : Force-Placed Insurance2-26
      • [J] : Consumer Privacy/Data Protection/Cybersecurity2-26
      • [K] : DOL Fiduciary Rule2-28
    • § 2:2.5 : Relationship with Regulators2-28
      • [A] : Market Conduct Examinations/Inspection Visits2-29
      • [B] : Complaints and Litigation2-30
      • [C] : Disciplinary Proceedings2-30
      • [D] : Commitments, Undertakings and Requirements2-30
    • § 2:2.6 : Money Laundering Requirements2-31
      • [A] : United States2-31
      • [B] : United Kingdom2-32
    • § 2:2.7 : Blocking and Economic Sanction Requirements2-32
    • § 2:2.8 : Anti-Bribery Rules2-34
    • § 2:2.9 : Unusual or Onerous Features in Policy Terms and Conditions2-34
    • § 2:2.10 : Bad Faith Payment Claims2-34
    • § 2:2.11 : State Guaranty Fund Exposure2-35
    • § 2:2.12 : Parental Guarantees2-35
  • § 2:3 : Stock Purchase Structure2-36
    • § 2:3.1 : The Structure of Agreement2-37
      • [A] : Regulatory Approval and Merger Control Clearance As a Condition to Closing2-37
      • [B] : Closing/Post-Closing Adjustments to Purchase Price2-38
      • [C] : Adverse Development Reinsurance2-39
      • [D] : Financial Assistance Issues in the U.K. and Elsewhere in Europe2-40
      • [E] : Financial Assistance Issues in Hong Kong2-41
    • § 2:3.2 : Key Representations and Warranties2-43
      • [A] : Representations and Warranties Common to Other Industries2-44
      • [B] : Financial Information2-44
      • [C] : Adequacy of Reserves2-45
      • [D] : Actuarial Reports and Accuracy of Information2-45
      • [E] : Existence of Regulatory Licenses and Compliance2-46
      • [F] : Reinsurance2-46
      • [G] : Producers2-46
      • [H] : Separate Accounts2-47
    • § 2:3.3 : Choice of Governing Law2-47
  • § 2:4 : Conclusion2-49
Chapter 3: Acquiring a Block of Insurance Business
  • § 3:1 : Introduction3-2
  • § 3:2 : Structuring Acquisitions of Blocks of Business3-2
    • § 3:2.1 : Options in Relation to the Transfer of the Target’s Insurance Business3-2
      • [A] : Transfer of U.S. Insurer’s Obligations to Purchaser3-3
      • [B] : Transfer of U.K. Insurer’s Obligations to Purchaser3-4
      • [C] : Transfer of Hong Kong Insurer’s Obligations to Purchaser3-6
      • [D] : Renewal Rights Sales3-6
      • [E] : 100% Reinsurance of Expired and In-Force Book3-9
      • [F] : Fronting3-9
  • § 3:3 : Associated Assets and Employees3-10
    • § 3:3.1 : Inuring Reinsurance3-10
    • § 3:3.2 : Employees3-11
  • § 3:4 : Credit Risk3-12
    • § 3:4.1 : Seller Considerations3-12
      • [A] : Offset3-13
      • [B] : Comfort Trusts and Other Collateral3-13
      • [C] : Recapture3-13
    • § 3:4.2 : Acquiror Considerations3-13
      • [A] : Offset3-14
      • [B] : Rights to Premium Payments3-14
      • [C] : Cut-Throughs3-14
      • [D] : Contingent Assumption Reinsurance3-15
  • § 3:5 : Regulatory Contract Requirements3-15
    • § 3:5.1 : Credit for Reinsurance3-15
    • § 3:5.2 : Insolvency Clause3-17
    • § 3:5.3 : Risk Transfer3-17
  • § 3:6 : Non-Guaranteed Elements of Reinsured Policies3-17
  • § 3:7 : Administration3-18
    • § 3:7.1 : Administrative Services Agreements3-18
    • § 3:7.2 : Third-Party Administrator Licensing3-18
    • § 3:7.3 : Material Outsourcing3-19
  • § 3:8 : Insurance Regulatory Approval and Notice Requirements for Acquisitions of Blocks of Insurance Business3-20
    • § 3:8.1 : Regulatory Framework for U.S. Blocks of Business3-20
      • [A] : Bulk Reinsurance Approvals3-20
      • [B] : Pre-Acquisition Notice Based on Market Share3-20
      • [C] : Hart-Scott-Rodino3-20
      • [D] : Withdrawal Statutes; Cancellation/Nonrenewal Laws3-21
    • § 3:8.2 : Regulatory Framework for Portfolio Transfers in the U.K. and Other European Jurisdictions3-21
    • § 3:8.3 : Regulatory Framework for Portfolio Transfers in Hong Kong3-22
Chapter 4: Private Equity and Other Financial Sponsor Investments in the Insurance Industry
  • § 4:1 : Introduction4-2
  • § 4:2 : Growth of Private Equity and Other Financial Sponsor Activity in the Insurance Industry4-3
    • § 4:2.1 : Steady Growth4-3
      • [A] : Financial Sponsor Investments in Insurance Companies4-4
      • [B] : Alternative Asset Manager Investments InInsurance Companies4-5
      • [C] : Private Equity Investments in Lloyd’s4-6
      • [D] : Sidecars and Other Start-Ups4-6
      • [E] : Financial Sponsors As Sources of Capital4-8
      • [F] : Private Equity Investments in Producers4-8
      • [G] : Private Equity Investments in the InsuranceServices Sector4-9
    • § 4:2.2 : Principal Drivers of Growth4-9
  • § 4:3 : Competing with Strategic Buyers4-10
  • § 4:4 : Acquisition Finance for Insurance Company Investments4-12
    • § 4:4.1 : Recent Developments4-12
    • § 4:4.2 : Traditional Leveraged Buyout Model4-13
    • § 4:4.3 : Structuring Acquisition Finance in InsuranceSector Transactions in the United States4-13
      • [A] : Equity Financing4-13
      • [B] : Restrictions on Debt Placed Directly on the Insurance Company4-14
      • [C] : Restrictions on Holding Company Debt4-14
      • [D] : Insurance Company Dividend Restrictions4-15
      • [E] : Tax Sharing Agreements4-16
      • [F] : Administrative Services Agreements4-16
      • [G] : Reserve Financing4-17
      • [H] : Reinsurance4-17
    • § 4:4.4 : Considerations in Europe4-17
  • § 4:5 : Financial Sponsors As Buyers and Sellers: PurchaseAgreement Issues4-18
    • § 4:5.1 : Buy Side Issues4-18
    • § 4:5.2 : Sell Side Issues and Exit Strategies4-20
    • § 4:5.3 : Financial Assistance4-20
  • § 4:6 : Management Arrangements in Financial Sponsor Transactions4-21
    • § 4:6.1 : Management Participation4-21
    • § 4:6.2 : Customization4-21
    • § 4:6.3 : Management Stock, Calls and Puts4-22
    • § 4:6.4 : Drag-Along, Tag-Along and Participation Rights4-23
    • § 4:6.5 : Insurance Regulatory Constraints4-24
    • § 4:6.6 : European Issues4-24
  • § 4:7 : Regulatory Approvals for Change of Control Transactions4-26
    • § 4:7.1 : U.S. Deals4-26
    • § 4:7.2 : European Deals4-27
  • § 4:8 : Regulatory Landscape Regarding the Role of Private Equity and Financial Sponsors in the Insurance Industry4-29
    • § 4:8.1 : Statements of Concern and Regulatory Reform4-29
    • § 4:8.2 : Discussions at the NAIC and Regulatory Reform4-31
    • § 4:8.3 : Manifestations of Concerns within the Regulatory Approval Process4-32
  • § 4:9 : Conclusion4-34
Chapter 5: Insurance Regulatory Approval Requirements for a Stock Purchase Deal
  • § 5:1 : Acquisition of Control5-2
    • § 5:1.1 : Analysis of Operations5-3
    • § 5:1.2 : Regulatory Framework for U.S. Insurers5-3
    • § 5:1.3 : Regulatory Framework for European Insurers5-4
  • § 5:2 : Insurance Regulatory Approval of Acquisition of Control of a U.S. Insurer5-5
    • § 5:2.1 : Holding Company Regulation in State of Domicile5-5
      • [A] : What Is “Control”?5-6
      • [B] : When Must the Application Be Filed?5-7
      • [C] : Exemption from Prior Approval Requirement5-7
      • [D] : Form and Content of the Application for Insurance Regulatory Approval5-8
      • [E] : Standard of Review and Hearing5-10
      • [F] : Acquisition of U.S. Annuity Insurers by Private Equity Funds5-10
    • § 5:2.2 : Possible Prior Notice or Approval in States Other Than the Domestic State5-11
      • [A] : In Which States Is the Target Commercially Domiciled?5-11
      • [B] : Pre-Acquisition Notification Based on “Market Share”5-12
      • [C] : Relicensing and Other Notification Requirements5-13
  • § 5:3 : Acquisition of Control of a U.S. Insurer by a Non-U.S. Person: Special Issues5-13
    • § 5:3.1 : Government Ownership Statutes5-13
    • § 5:3.2 : Board of Director Requirements5-14
    • § 5:3.3 : Location of U.S. Insurer Assets5-14
    • § 5:3.4 : U.S. Insurer Investment Laws5-14
  • § 5:4 : Other Insurance Regulatory Issues That May Arise in a Stock Purchase of a U.S. Insurer5-15
    • § 5:4.1 : Broker-Controlled Insurer Business Laws5-15
    • § 5:4.2 : Regulation of Shareholder Dividends5-16
    • § 5:4.3 : Regulation of Affiliate Transactions5-16
    • § 5:4.4 : Specialty Insurers5-17
    • § 5:4.5 : Health Maintenance Organizations5-18
    • § 5:4.6 : Insurance Agencies5-19
    • § 5:4.7 : Other Licensed Insurance Entities5-19
    • § 5:4.8 : Federal Securities Law Issues Arising from Acquisition of a Life Insurer5-20
  • § 5:5 : Insurance Regulatory Approval of Acquisition of Control of a U.K. Insurer5-20
    • § 5:5.1 : The U.K.’s Regulatory Architecture5-20
      • [A] : What Is Control?5-21
      • [B] : When Must the Application Be Filed?5-26
      • [C] : Form and Content of the Application for Insurance Regulatory Approval5-26
      • [D] : Time Period for Assessment5-28
      • [E] : Standard of Review and Hearing5-28
    • § 5:5.2 : Collaboration with Supervisory Authorities in Other Member States5-30
  • § 5:6 : Other U.K. Regulatory Issues Which May Arise on a Stock Purchase5-30
    • § 5:6.1 : Senior Insurance Managers Regime5-30
    • § 5:6.2 : Transitional Servicing and Run-Off Arrangements As “Material Outsourcing”5-33
  • § 5:7 : Insurance Regulatory Approval of Acquisition of Control of a Hong Kong Insurer5-33
  • § 5:8 : Other Hong Kong Regulatory Issues Which May Arise on a Stock Purchase5-35
    • § 5:8.1 : Mandatory Provident Schemes5-35
    • § 5:8.2 : Securities & Futures Commission (SFC)5-35
    • § 5:8.3 : Code on Takeovers and Mergers5-36
    • § 5:8.4 : Run-Off Arrangements As “Material Outsourcing”5-36
Chapter 6: Merger Control Issues in Insurance M&A
  • § 6:1 : Merger Control Issues in an Insurance M&A Transaction6-2
  • § 6:2 : U.S. Merger Control6-3
    • § 6:2.1 : Jurisdictional Thresholds of the Hart-Scott-Rodino Act6-3
    • § 6:2.2 : Federal Trade Commission/Department of Justice Review Procedures6-5
      • [A] : Pre-Merger Mandatory Notification6-5
      • [B] : Time Limits for Decision6-5
      • [C] : Sanctions for Failure to Notify or for Implementing a Merger Before Clearance6-6
    • § 6:2.3 : Substantive Review by the FTC/DOJ6-6
      • [A] : Relevant Product Market6-7
      • [B] : Relevant Geographic Market6-8
      • [C] : Firms Included in the Market6-9
      • [D] : Market Shares and Their Significance6-9
      • [E] : Effect of Acquisition on Competition6-10
    • § 6:2.4 : State Regulation of Insurance Mergers6-10
  • § 6:3 : EU Merger Control6-11
    • § 6:3.1 : Jurisdictional Requirements of the EU Merger Regulation6-12
      • [A] : Concentrations6-12
      • [B] : Community Dimension6-13
      • [C] : Calculation of Turnover6-14
    • § 6:3.2 : European Commission Review Procedure6-15
      • [A] : Pre-Merger Compulsory Notification6-15
      • [B] : Time Limits for Decisions6-15
      • [C] : Sanctions for Failure to Notify or for Implementing a Merger Before Clearance6-16
    • § 6:3.3 : Substantive Appraisal of Concentrations by the Commission6-16
      • [A] : The Test Applied6-16
      • [B] : Market Analysis6-17
      • [C] : The Relevant Product Market6-18
      • [D] : The Relevant Geographic Market6-20
      • [E] : Compatibility with the Common Market6-21
Chapter 7: Selected Tax Issues in Insurance M&A
  • § 7:1 : Introduction7-2
  • § 7:2 : U.K. Tax Structuring Considerations7-2
    • § 7:2.1 : Immediate Tax Costs of Acquisition7-3
      • [A] : Stamp Duty/Stamp Duty Reserve Tax7-3
      • [B] : Degrouping Charges7-4
    • § 7:2.2 : Tax Considerations for Target Shareholders7-5
      • [A] : Considerations for Individual Target Shareholders7-5
      • [B] : Considerations for U.K. Corporate Seller7-6
    • § 7:2.3 : Acquisition Debt7-8
    • § 7:2.4 : Improving the Effective Tax Rate7-9
  • § 7:3 : U.S. Tax Structuring Considerations7-10
    • § 7:3.1 : Asset Acquisitions—Reinsurance Transactions7-10
      • [A] : Applicable Asset Acquisitions7-13
    • § 7:3.2 : Stock Acquisitions—Tax Character of the Target—Life v. Non-Life7-13
      • [A] : Life Insurance Company Defined7-14
    • § 7:3.3 : Importance of the Distinction—Life/Non-Life Consolidation7-14
      • [A] : Inability to Offset Income and Deductions7-15
      • [B] : Use of Net Operating Losses of Newly Acquired Non-Life Companies7-18
      • [C] : 100% Dividends-Received Deduction7-19
    • § 7:3.4 : Stock Acquisitions—The Unified Loss Rule7-20
    • § 7:3.5 : Stock Acquisitions Treated As Asset Acquisitions7-22
      • [A] : General Requirements for Section 338(h)(10) Election7-23
      • [B] : General Requirements for Section 336(e) Election7-23
      • [C] : Consequences of a Section 338(h)(10) Election or Section 336(e) Election7-24
      • [D] : Issues in Insurance Company Section 338(h)(10) or Section 336(e) Transactions7-25
      • [E] : Other Special Rules in the Regulations7-27
    • § 7:3.6 : Special Rules—Section 338(h)(10) Elections or Section 336(e) Elections for Non-Consolidated Subsidiaries7-29
  • § 7:4 : The Due Diligence Process—Special U.S. Concerns7-30
    • § 7:4.1 : Life Insurance Product Qualification Issues7-31
      • [A] : Section 7702—Qualification of Products As Life Insurance7-32
      • [B] : Section 7702A—Modified Endowment Contracts7-34
      • [C] : Section 817—Qualification of Separate Accounts and Variable Products7-35
    • § 7:4.2 : Qualification of Annuities7-38
    • § 7:4.3 : Product Systems7-39
    • § 7:4.4 : Remediation7-39
Chapter 8: Financial Services Regulation
  • § 8:1 : Introduction8-2
  • § 8:2 : Insurers’ Routes to Banking8-4
    • § 8:2.1 : Unitary Thrift Holding Companies8-4
      • [A] : Thrifts8-6
      • [B] : Unitary Thrift Holding Companies8-6
      • [C] : Permissible Insurance Activities of Thrifts and Their Affiliates8-7
    • § 8:2.2 : Service Corporations8-7
    • § 8:2.3 : Limited Purpose Trust Companies8-7
    • § 8:2.4 : Nonbank Banks8-8
  • § 8:3 : Banking and Insurance Under a Financial Holding Company8-11
    • § 8:3.1 : BHCs Eligible to Qualify As FHCs8-11
    • § 8:3.2 : Insurance Activities of FHCs8-12
    • § 8:3.3 : Existing Insurance Activities of BHCs8-13
    • § 8:3.4 : Non-Financial Activities of FHCs8-14
    • § 8:3.5 : The Volcker Rule8-16
  • § 8:4 : Affiliations Between Banks and Insurers8-18
  • § 8:5 : Facilitating Affiliations with Mutual Insurers8-20
  • § 8:6 : National Banks8-21
    • § 8:6.1 : Insurance Activities of National Banks Under the Gramm-Leach-Bliley Act8-21
    • § 8:6.2 : Existing Insurance Activities of National Banks8-23
  • § 8:7 : Subsidiaries of National Banks8-26
    • § 8:7.1 : Insurance Activities of National Bank Subsidiaries Under the Gramm-Leach-Bliley Act8-26
    • § 8:7.2 : Existing Insurance Activities of National Bank Subsidiaries8-27
  • § 8:8 : Foreign Banks8-27
    • § 8:8.1 : Criteria to Become an FHC8-29
    • § 8:8.2 : QFBO Rule8-30
    • § 8:8.3 : Enhanced Prudential Standards for FBOs8-31
  • § 8:9 : Functional Regulation8-32
    • § 8:9.1 : Regulation of BHCs, FHCs and Other Depository Institutions8-32
    • § 8:9.2 : Regulation of Functionally Regulated Nonbank Subsidiaries8-33
    • § 8:9.3 : The Federal Insurance Office8-33
  • § 8:10 : Enhanced Prudential Standards8-35
    • § 8:10.1 : Capital Requirements8-35
    • § 8:10.2 : Liquidity Rules8-36
Chapter 9: Investment Management M&A
  • § 9:1 : Introduction9-2
  • § 9:2 : Deal Structuring9-3
    • § 9:2.1 : Retaining Key Employees9-3
    • § 9:2.2 : Client Retention9-8
    • § 9:2.3 : Form of Transaction9-8
      • [A] : Asset Purchase9-8
      • [B] : Stock Purchase9-9
      • [C] : Joint Venture or Majority Investment9-9
      • [D] : Merger9-10
      • [E] : Hostile Acquisitions9-10
    • § 9:2.4 : The Acquisition Agreement9-11
      • [A] : Purchase Price9-11
      • [B] : Representations and Warranties9-13
      • [C] : Covenants9-16
      • [D] : Indemnification9-17
      • [E] : Termination9-17
    • § 9:2.5 : Other Transaction Agreements9-17
      • [A] : Confidentiality Agreement9-17
      • [B] : Letter of Intent/Term Sheet9-18
    • § 9:2.6 : Financing the Acquisition9-19
      • [A] : Theory of Financing9-19
      • [B] : Security9-19
      • [C] : Financing Commitments9-19
    • § 9:2.7 : International Issues: The U.K.9-19
  • § 9:3 : Investment Company Act, Investment Advisers Act and Other Regulatory Issues9-22
    • § 9:3.1 : Client Consents9-22
      • [A] : Registered Fund Clients9-22
      • [B] : Non-Fund Clients9-24
      • [C] : Private Fund Clients9-25
    • § 9:3.2 : Broker-Dealer Regulatory Approvals9-26
    • § 9:3.3 : Underwriting Arrangements9-26
    • § 9:3.4 : Profits from the Sale of an Investment Company Adviser9-27
    • § 9:3.5 : Dealing with Fund Directors9-28
    • § 9:3.6 : Acquisitions by Broker-Dealers9-30
    • § 9:3.7 : The DOL Fiduciary Rule9-32
    • § 9:3.8 : Other Regulatory Matters9-32
  • § 9:4 : Special Tax Planning Issues9-34
    • § 9:4.1 : Form of the Transaction9-34
    • § 9:4.2 : Competing Goals of the Acquiror and the Selling Shareholders of the Adviser9-35
    • § 9:4.3 : Asset Allocations9-36
    • § 9:4.4 : U.S. Holding Company for Foreign Purchaser9-36
    • § 9:4.5 : FIRPTA Certificates9-37
    • § 9:4.6 : Allocation of Adviser Taxes9-37
  • § 9:5 : Regulatory Due Diligence9-37
Chapter 10: Investing in Lloyd’s
  • § 10:1 : What is Lloyd’s?10-2
    • § 10:1.1 : Types of Lloyd’s Entity10-3
      • [A] : The Society of Lloyd’s10-3
      • [B] : Members of Lloyd’s10-4
      • [C] : Syndicates10-6
      • [D] : Managing Agents10-7
      • [E] : Members’ Agents and Lloyd’s Advisors10-8
      • [F] : Lloyd’s Brokers10-8
  • § 10:2 : Why Invest in Lloyd’s?10-9
  • § 10:3 : Routes into Lloyd’s10-10
  • § 10:4 : Transaction Issues10-11
    • § 10:4.1 : Acquisition Landscape10-11
    • § 10:4.2 : Due Diligence10-11
    • § 10:4.3 : Timetable—Accommodating Regulatory Consents10-12
    • § 10:4.4 : Transaction Structures10-14
      • [A] : Buying Share Capital10-14
      • [B] : Buying the Business and Assets10-15
      • [C] : Goodwill and Non-Compete Covenants10-16
      • [D] : Providing Underwriting Capital10-17
      • [E] : What if the Target Lloyd’s Entity is Listed on the London Stock Exchange?10-18
  • § 10:5 : Specific Representations and Warranties10-19
    • § 10:5.1 : Syndicate Accounts and Agency Accounts10-19
    • § 10:5.2 : Agency Agreements: Agency and Fiduciary Duties10-20
    • § 10:5.3 : Lloyd’s Bylaws and Codes of Conduct10-21
    • § 10:5.4 : FCA/PRA Regulations10-22
    • § 10:5.5 : Employees10-23
    • § 10:5.6 : Custody of Funds10-24
Chapter 11: M&A Options for Mutual Life Insurers
  • § 11:1 : M&A Options11-2
    • § 11:1.1 : Stand-Alone Demutualization11-2
    • § 11:1.2 : Sponsored Demutualization11-3
    • § 11:1.3 : Acquisitions by Mutual Holding Companies and Their Subsidiaries11-3
    • § 11:1.4 : Mergers of Mutual Life Insurers11-4
  • § 11:2 : Changes in the U.S. Industry11-4
    • § 11:2.1 : Most Large Mutual Life Insurers Have Merged or Reorganized11-4
    • § 11:2.2 : Need for Capital and Consolidation Drive These Transactions11-4
    • § 11:2.3 : Legislation Offers Mutual Insurers Several Forms of Reorganization11-5
  • Chart 11-1 : Mutual Life Insurer Policyholder Rights Before Any Reorganization and After a Mutual Holding Company Reorganization or a Demutualization11-6
  • § 11:3 : Two Kinds of Reorganizations of Mutual Life Insurers11-6
  • § 11:4 : Demutualization of Life Insurers11-8
    • § 11:4.1 : Mandatory IPO11-8
    • § 11:4.2 : Sponsored Demutualization11-9
    • § 11:4.3 : Closed Block11-10
    • § 11:4.4 : Actuarial Calculation of “Equity Shares”11-11
    • § 11:4.5 : Distribution of Consideration11-12
    • § 11:4.6 : Dealing with Small Allocations of Shares11-13
    • § 11:4.7 : Subscription Rights Demutualization11-14
  • § 11:5 : Forming a Mutual Holding Company11-15
    • § 11:5.1 : Mutual Holding Company Laws Utilized Since 199511-15
    • § 11:5.2 : The Mutual Holding Company Structure11-17
  • Diagram 11-1 : Mutual Holding Company11-17
    • § 11:5.3 : Major Elements of Reorganization As an MHC11-17
  • § 11:6 : Mergers of Mutual Life Insurers11-19
    • § 11:6.1 : Dividend Principles11-19
    • § 11:6.2 : Structural Options11-20
    • § 11:6.3 : Social Issues11-20
    • § 11:6.4 : Federal Securities Law Issues11-21
    • § 11:6.5 : Federal Income Tax Considerations11-21
    • § 11:6.6 : Antitrust11-22
    • § 11:6.7 : Department of Labor/ERISA11-22
    • § 11:6.8 : Third-Party Consents11-22
    • § 11:6.9 : Other Insurance Regulatory Filings and Approvals11-22
    • § 11:6.10 : Building the Record for the Board of Directors: Opinions of Advisors11-23
  Index

  Please click here to view the latest update information for this title: Last Update Information  
 

Share
Email
UPKEEP SERVICE
Your purchase will also sign you up for “Upkeep Service,” whereby you will receive future automatic shipments of updates, new editions and supplements to this edition, as they become available, for a 30-day preview. Updates, new editions and supplements published within 90 days of your purchase will be issued free of charge; all other updates will be subject to an additional charge if kept beyond the preview period, invoiced at the time of delivery. This service will continue until canceled by you at any time. See here.

  • FOLLOW PLI:
  • twitter
  • LinkedIn
  • GooglePlus
  • RSS

All Contents Copyright © 1996-2017 Practising Law Institute. Continuing Legal Education since 1933.

© 2017 PLI PRACTISING LAW INSTITUTE. All rights reserved. The PLI logo is a service mark of PLI.