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Bernhardt Nadell is a partner in our Corporate, Finance and Investments practice and concentrates primarily in insurance industry mergers and acquisitions, insurance-linked securities transactions, reinsurance, insurance company run-offs and receiverships, insurance law and general corporate matters.

In the area of mergers and acquisitions, Bernhardt has represented acquirors and sellers in complex insurance-related transactions, including acquisitions of run-off and distressed insurance companies, management buyouts, acquisitions of annuity business, asset transfers, renewal rights transactions, sponsored demutualizations and a mutual holding company conversion.

In the securitization area, Bernhardt has been involved in reserve financing and embedded value transactions. He has represented insurers and reinsurers in property casualty, life and annuity reinsurance transactions, as well as in general corporate and related regulatory matters.

In the area of insurance company run-off and receivership, he has represented insurance companies in solvent run-offs, statutory supervision, conservatorship, pre-packaged rehabilitations and exits from rehabilitation, and liquidations, as well as creditors of such insurance companies and acquirors of their assets.

Chambers USA has recognized Bernhardt as a leading insurance transactional attorney for many years. He also has been nationally recommended by The Legal 500 United States.

Full Bio

Credentials

J.D., New York University School of Law

A.B., Harvard College, Magna Cum Laude

New York

Past Member, Insurance Law Committee, New York City Bar Association

Nationally Recommended for Insurance Transactions


Legal 500 United States

Named a Leading Insurance Transactional Attorney


Chambers USA

Close

Recognition

Nationally Recommended for Insurance Transactions


Legal 500 United States

Named a Leading Insurance Transactional Attorney


Chambers USA

Matters

Atlas Merchant Capital in $2.05 billion acquisition of Talcott Resolution, the run-off life insurance and annuity division of The Hartford;

Talcott Resolution buyer consortium in $9.6 billion structured settlement and fixed annuity reinsurance transaction with Global Atlantic;

T&D Life Group in (i) $1.8 billion acquisition, with The Carlyle Group, of Fortitude Re from AIG and (ii) $2.1 billion co-investment transaction with GIC and The Carlyle Group;

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Matters

Atlas Merchant Capital in $2.05 billion acquisition of Talcott Resolution, the run-off life insurance and annuity division of The Hartford;

Talcott Resolution buyer consortium in $9.6 billion structured settlement and fixed annuity reinsurance transaction with Global Atlantic;

T&D Life Group in (i) $1.8 billion acquisition, with The Carlyle Group, of Fortitude Re from AIG and (ii) $2.1 billion co-investment transaction with GIC and The Carlyle Group;

T&D Life Group in Fortitude Re’s $2.2 billion acquisition of Prudential legacy variable annuity business;

Leading investment bank in $15.5 billion variable and fixed annuity reinsurance transactions with Japanese ceding companies;

T&D Life Group in regulatory aspects of Taiyo Life Insurance Company's $4 billion life reinsurance transaction with Fortitude Re;

ORIX Life Insurance Corporation in $1.4 billion acquisition of The Hartford’s Japanese variable annuity subsidiary;

Leading Japanese life insurance company in $2 billion flow reinsurance transaction with Fortitude International Re;

Catalina Holdings (Bermuda) Ltd in its acquisition of Asia Capital Reinsurance Group Pte. Ltd.;

Creditor of 777 Partners in corporate governance, reinsurance and regulatory matters;

FGIC in pre-packaged rehabilitation;

CIGNA Corp. in its $2.1 billion sale of CIGNA Life Insurance Company and CIGNA’s retirement (including variable and fixed annuities) business to Prudential Financial, Inc.;

Arch Insurance Company in (i) acquisition of McNeil & Company, Inc., (ii) acquisition of alternative market business of SPARTA Insurance Holdings, Inc. and (iii) $1.1 billion loss portfolio transfer reinsurance transactions;

Arrowood Indemnity Company in run-off and receivership matters;

Atlas Merchant Capital in merger of Somerset Reinsurance Holdings Ltd;

Atlas Merchant Capital in investment in Somerset Reinsurance Ltd.;

Creditor of Eli Global on regulatory matters;

Georgia-domiciled property casualty insurance company in its sponsored demutualization / acquisition of West Virginia-domiciled insurance company;

Reservoir Capital and Black Diamond Capital in acquisition of SBLI USA Mutual Life Insurance Company through a sponsored demutualization;

Nomura in (i) $2.9 billion closed block reinsurance transaction for Phoenix Life Insurance Company and (ii) $1 billion in reserve financing transactions;

Arrowpoint Capital (formerly Royal & SunAlliance USA) in the sale of Arrowood Surplus Lines Insurance Company to Transverse Insurance Group, LLC;

Management of Royal & Sun Alliance USA, Inc. in its $300 million buyout of the U.S. operations of Royal & Sun Alliance Insurance Group plc;

Special Committee of the Board of Directors of Atlantic Mutual Insurance Company in the sale of its personal lines business to The ACE Group of Companies;

Obra Capital in acquisition of Unified Life Insurance Company;

Obra Capital in $450 million collateralized reinsurance transactions;

Crédit Agricole in $2.9 billion in Triple X and Guideline AXXX reserve financing transactions;

Leading financial institution in expansion of its property casualty business, including block of business acquisition, regulatory compliance and reinsurance matters;

Citibank, N.A. in reinsurance of $1.9 billion Japanese variable annuity business;

MBIA in $800 million Northwind Re embedded value securitization for Unum Group;

Citibank, N.A. in its $555 million Regulation Triple X reserve financing provided to Scottish Re Group;

Liberty Mutual Insurance Company in its $550 million acquisition of Prudential Property and Casualty Insurance Company;

Endurance Reinsurance Corporation of America in its acquisition of renewal rights and $400 million unearned premium reserve from Hartford Fire Insurance Company;

Travelers Property Casualty Corporation in its $580 million acquisition of the surety and fidelity bond business of Reliance Insurance Company and its affiliates;

Travelers Property Casualty Corporation in its $125 million sale of a minority investment in Gulf Insurance Group to Trident II, L.P. and related investment funds;

Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance of Wausau, A Mutual Company in the first formation of a mutual holding company in Massachusetts and the subsequent merger of mutual holding companies;

AmerUs Group Co. in its sponsored demutualization/acquisition of Indianapolis Life Insurance Company;

New York Life Insurance Company in the sale of its individual disability income insurance business to UnumProvident Corporation and modified coinsurance of $800 million in reserves;

Liberty Mutual Insurance Company in its affiliation with Employers Insurance of Wausau, A Mutual Company and acquisition of its stock insurance company subsidiaries.

Matters

Atlas Merchant Capital in $2.05 billion acquisition of Talcott Resolution, the run-off life insurance and annuity division of The Hartford;

Talcott Resolution buyer consortium in $9.6 billion structured settlement and fixed annuity reinsurance transaction with Global Atlantic;

T&D Life Group in (i) $1.8 billion acquisition, with The Carlyle Group, of Fortitude Re from AIG and (ii) $2.1 billion co-investment transaction with GIC and The Carlyle Group;

See more

Close

Matters

Atlas Merchant Capital in $2.05 billion acquisition of Talcott Resolution, the run-off life insurance and annuity division of The Hartford;

Talcott Resolution buyer consortium in $9.6 billion structured settlement and fixed annuity reinsurance transaction with Global Atlantic;

T&D Life Group in (i) $1.8 billion acquisition, with The Carlyle Group, of Fortitude Re from AIG and (ii) $2.1 billion co-investment transaction with GIC and The Carlyle Group;

T&D Life Group in Fortitude Re’s $2.2 billion acquisition of Prudential legacy variable annuity business;

Leading investment bank in $15.5 billion variable and fixed annuity reinsurance transactions with Japanese ceding companies;

T&D Life Group in regulatory aspects of Taiyo Life Insurance Company's $4 billion life reinsurance transaction with Fortitude Re;

ORIX Life Insurance Corporation in $1.4 billion acquisition of The Hartford’s Japanese variable annuity subsidiary;

Leading Japanese life insurance company in $2 billion flow reinsurance transaction with Fortitude International Re;

Catalina Holdings (Bermuda) Ltd in its acquisition of Asia Capital Reinsurance Group Pte. Ltd.;

Creditor of 777 Partners in corporate governance, reinsurance and regulatory matters;

FGIC in pre-packaged rehabilitation;

CIGNA Corp. in its $2.1 billion sale of CIGNA Life Insurance Company and CIGNA’s retirement (including variable and fixed annuities) business to Prudential Financial, Inc.;

Arch Insurance Company in (i) acquisition of McNeil & Company, Inc., (ii) acquisition of alternative market business of SPARTA Insurance Holdings, Inc. and (iii) $1.1 billion loss portfolio transfer reinsurance transactions;

Arrowood Indemnity Company in run-off and receivership matters;

Atlas Merchant Capital in merger of Somerset Reinsurance Holdings Ltd;

Atlas Merchant Capital in investment in Somerset Reinsurance Ltd.;

Creditor of Eli Global on regulatory matters;

Georgia-domiciled property casualty insurance company in its sponsored demutualization / acquisition of West Virginia-domiciled insurance company;

Reservoir Capital and Black Diamond Capital in acquisition of SBLI USA Mutual Life Insurance Company through a sponsored demutualization;

Nomura in (i) $2.9 billion closed block reinsurance transaction for Phoenix Life Insurance Company and (ii) $1 billion in reserve financing transactions;

Arrowpoint Capital (formerly Royal & SunAlliance USA) in the sale of Arrowood Surplus Lines Insurance Company to Transverse Insurance Group, LLC;

Management of Royal & Sun Alliance USA, Inc. in its $300 million buyout of the U.S. operations of Royal & Sun Alliance Insurance Group plc;

Special Committee of the Board of Directors of Atlantic Mutual Insurance Company in the sale of its personal lines business to The ACE Group of Companies;

Obra Capital in acquisition of Unified Life Insurance Company;

Obra Capital in $450 million collateralized reinsurance transactions;

Crédit Agricole in $2.9 billion in Triple X and Guideline AXXX reserve financing transactions;

Leading financial institution in expansion of its property casualty business, including block of business acquisition, regulatory compliance and reinsurance matters;

Citibank, N.A. in reinsurance of $1.9 billion Japanese variable annuity business;

MBIA in $800 million Northwind Re embedded value securitization for Unum Group;

Citibank, N.A. in its $555 million Regulation Triple X reserve financing provided to Scottish Re Group;

Liberty Mutual Insurance Company in its $550 million acquisition of Prudential Property and Casualty Insurance Company;

Endurance Reinsurance Corporation of America in its acquisition of renewal rights and $400 million unearned premium reserve from Hartford Fire Insurance Company;

Travelers Property Casualty Corporation in its $580 million acquisition of the surety and fidelity bond business of Reliance Insurance Company and its affiliates;

Travelers Property Casualty Corporation in its $125 million sale of a minority investment in Gulf Insurance Group to Trident II, L.P. and related investment funds;

Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance of Wausau, A Mutual Company in the first formation of a mutual holding company in Massachusetts and the subsequent merger of mutual holding companies;

AmerUs Group Co. in its sponsored demutualization/acquisition of Indianapolis Life Insurance Company;

New York Life Insurance Company in the sale of its individual disability income insurance business to UnumProvident Corporation and modified coinsurance of $800 million in reserves;

Liberty Mutual Insurance Company in its affiliation with Employers Insurance of Wausau, A Mutual Company and acquisition of its stock insurance company subsidiaries.

Credentials

J.D., New York University School of Law

A.B., Harvard College, Magna Cum Laude

New York

Past Member, Insurance Law Committee, New York City Bar Association

Nationally Recommended for Insurance Transactions


Legal 500 United States

Named a Leading Insurance Transactional Attorney


Chambers USA

Close

Recognition

Nationally Recommended for Insurance Transactions


Legal 500 United States

Named a Leading Insurance Transactional Attorney


Chambers USA