Scott Avitabile represents clients in structured finance, corporate finance, mergers and acquisitions, and alternate risk transfer transactions, including swaps and derivatives. Mr. Avitabile has advised issuers, underwriters, borrowers and lenders in a variety of securities transactions and private lending facilities involving the insurance industry, including the securitization of life insurance policies and the issuance of catastrophe bonds, mortality bonds and surplus notes. He represented Genworth Financial in each of the five separate structured securitizations sponsored by Genworth, each designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX, totaling over $3 billion; Legal & General in two similar transactions totaling $1 billion; Aegon N.V. in its similar $550 million securitization; Unum in two securitization transactions of long term disability claims totaling over $1 billion; Scottish Re in several securitizations designed to relieve the reserve strain caused by Regulation XXX totaling over $2 billion; and XL Capital Assurance in connection with a structured securitization of a closed block of insurance policies issued or reinsured by Swiss Re. Mr. Avitabile recently advised Aetna in its $150 million securitization of medical benefits claims under health insurance policies. Mr. Avitabile has represented Munich Re in both a $100 million mortality bond offering and a recent $100 million CAT bond offering, Sun Life Assurance Company of Canada in a $600 million capital securities offering (hybrid subordinated debt), Jackson National Life Insurance Company in a $250 million surplus note offering and GE Financial Assurance in the restructuring of its life insurance subsidiaries. He also advised Banco Nacional de Mexico in the securitization and subsequent issuance of debt securities tied to credit card receivables totaling over $1 billion, as well as two payment rights securitizations totaling $400 million. Mr. Avitabile represented National Commercial Bank of Jamaica in a $175 million issuance of debt securities tied to credit card receivables. Mr. Avitabile has advised numerous insurance companies and international banks in private finance transactions designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX. Clients have included Aviva, Credit Agricole, Goldman Sachs, MetLife, Mutual of Omaha, Nationwide, Scottish Re and Sun Life. Mr. Avitabile's experience in mergers and acquisitions includes advising AEGON N.V. in its $1.2 billion merger with TransAmerica; Talegen Holdings, Inc. (the property and casualty holding company of Xerox) in the sale of Coregis Group for $450 million and Industrial Indemnity for $365 million; the sale by Sun Life of the US insurance operations of Clarica Life for $286 million; the $15 million recapitalization of a Texas County Mutual insurance company; and AEGON USA's $160 million sale of its Providian Auto and Home Insurance Company to Great American Insurance Company. Mr. Avitabile has advised clients in the insurance, energy and investment banking industries in derivative and insurance risk transfer transactions covering credit, energy, weather and insurance-based risk transfer transactions. Mr. Avitabile speaks regularly at securitization and insurance industry conferences and has been recognized as a leading insurance transactional lawyer in the United States by Chambers USA and the Legal 500. Industries Insurance Industry |