Case Studies

Carve-out

Helped management identify, value and reposition $40B of strategic Life and Annuity runoff contracts. Business originally domiciled in the US was ceded to a newly created 953(d) in Bermuda. Cedant received significant capital relief and ultimately exited the business for $2B+ to private equity.

Reinsurance

Helped management plan for and execute reinsurance treaties of non-core insurance portfolios, flow business and insurance asset sales. During that time, a significant investment was made into the platform that required PGAAP. Financial modeling and reporting for these transactions was delicate and complex.

Capital Gain Harvesting

Worked with management to strategically identify capital gains that could be utilized towards a DTA with a valuation allowance, with the goal to maintain the character of the cash flows for proper asset-liability cash flow matching.

Sidecar Analysis

Worked with client to identify business that fit specific metrics to provide sufficient capital relief. Reviewed US, Cayman and Bermuda regulatory structures.

Distressed M&A (non-insurance)

Worked with client and counsel to properly analyze economics related to a real estate asset in Chapter 7 Bankruptcy. The deal ultimately concluded with an asset purchase and recapitalization that created significant Alpha for the client.