David Massey, a member of Sutherland's Corporate Practice Group, works almost exclusively on mergers and acquisitions in the financial services industry including purchases and sales of insurance companies, mutual fund complexes, and retirement services businesses.
Representative Experience
David's recent representative experience includes:
· Representing Wilton Re in its acquisition of the life insurance business of HealthMarkets for approximately $140 million.
· Representing Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corporation, in its acquisition of Putnam Investments from Marsh & McLennan Companies, Inc., for approximately $3.9 billion, and in its acquisition of MetLife's full services retirement business, Franklin-Templeton's defined contribution retirement services business, and U.S. Bank's defined contribution retirement services business.
· Representing Swiss Re in its acquisition of CNA Financial's individual life insurance business for $690 million, its reinsurance of all of the business of Aurora National Life Assurance Company, and its acquisition of Southwestern Life Holdings Inc. for $260 million.
· Representing ING America in the sale of its life reinsurance business to Scottish Re for a negative ceding commission of $560 million, its purchase of United Life and Annuity from PennCorp for $152 million, and the sale of its medical stop-loss business to Safeco for $32 million.
· Representing Lincoln National in the sale of its reinsurance business to Swiss Re for $2 billion and in its acquisition of Aetna's individual life insurance business for $1 billion, CIGNA's individual life insurance and annuity business for $1.4 billion, UNUM's tax-sheltered annuity business for $70 million, and John Alden's medical stop-loss business for $41 million.
· Representing American States Financial in its sale to Safeco for $3.1 billion.
· Representing Lincoln National in its acquisition of Dougherty Financial Group (adviser to the Voyageur group of mutual funds) for $70 million and its acquisition of Delaware Management Group for $509 million.
Professional Honors and Awards
· Recognized by Chambers USA: Guide to Leading Business Lawyers in the area of insurance regulation (2009-2011)
Industries
Financial Services
Retirement Products and Services
News
Sutherland Attorneys, Practices Top Chambers USA 2011 Rankings
April 14, 2011
Sutherland Earns Top Chambers USA 2010 Rankings
July 7, 2010
Legal Alerts
Legal Alert: FSOC Finalizes Rule for Designation of Insurance Company and Other Nonbank "Systemically Important Financial Institutions"
April 17, 2012
Legal Alert: The NAIC Releases Draft ORSA Model Act for Public Comment
April 10, 2012
Legal Alert: FSOC Proposal Further Clarifies Which Nonbank Financial Companies Could Be Designated "Systemically Important Financial Institutions"
October 17, 2011
Legal Alert: FSOC Proposed Rulemaking on Fed Supervision of Nonbank Financial Companies: Congress Questions Transparency
May 23, 2011
Legal Alert: FSOC Proposed Rulemaking on Fed Supervision of Nonbank Financial Companies: Critics Submit Comments and Ask Who is Speaking on Behalf of the Insurance Industry
March 7, 2011
Legal Alert: The Financial Stability Oversight Council Takes Action: New Insight into Determination of Which Insurers May Be Subject to Enhanced Oversight
February 18, 2011
Legal Alert: The Dodd-Frank Act: A New Era of Financial Regulation and the Implications for the Insurance Industry
August 3, 2010
Legal Alert: NAIC Proposes Expansive New Governance, Risk Management and Reporting Duties on Insurance Holding Company Systems; A New Liability Profile Emerges for Directors and Senior Management
July 9, 2010
Legal Alert: The Dodd Bill Redux: The Senate Takes Aim at Financial Regulatory Reform
March 19, 2010
Legal Alert: Obama Administration Proposes Financial Crisis Responsibility Fee
January 15, 2010
Legal Alert: Proposed Federal Insurance Office Act of 2009 Moves Forward
December 4, 2009
Legal Alert: NAIC Proposes Federal Legislation That Could Reduce Reinsurance Collateral Requirements
October 16, 2009
Legal Alert: NAIC Life Insurance and Annuities (A) Committee Approves Revisions to Standard Valuation Law to Enable Principles-Based Reserving
September 10, 2009
Legal Alert: Impact of Financial Regulatory Reform on the Insurance Industry: Proposed Legislation to Implement the Regulatory Reform White Paper
August 5, 2009
Legal Alert: Suitability, Solvency Modernization, International Accounting and Derivatives: The NAIC 2009 Summer Meetings
June 30, 2009
Legal Alert: Financial Regulatory Reform - A New Foundation: Building Financial Supervision and Regulation
June 19, 2009
Legal Alert: Recent Developments: The Federal Regulation of Insurance
May 19, 2009
Legal Alert: National Insurance Consumer Protection Act and Prospects for Federal Regulation of Insurance
April 13, 2009
Legal Alert: NAIC Executive Committee Rejects Emergency Action on Capital and Surplus Relief
January 30, 2009
Legal Alert: Insurance Industry Capital and Surplus Relief Proposal Gains New Life
January 28, 2009
Legal Alert: Recent Developments Relating to Insurance Company Participation in the Treasury's TARP Program
November 19, 2008
Legal Alert: New York Modernizes Regulation on Reinsurance Collateral
November 5, 2007