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Insurance is one of the most complex, heavily regulated and litigation-intensive industries in the world. The industry’s extensive and ever-changing regulation requires sophisticated legal advice on contentious and non-contentious matters. With extensive experience in the industry, we are the ideal partner for our clients, helping them navigate myriad industry-specific legal issues, big and small. For decades, we’ve been the counsel of choice for leading insurance and reinsurance companies in a wide range of litigation, regulatory and transactional matters.
The coming weeks and months are likely to bring many assertions of force majeure in response to COVID-19-related impacts. We provide an update on the most recent developments and their effect on parties’ ability to invoke force majeure, and outline alternative common law excuses of nonperformance where contracts are silent on the issue.
Litigation partner Chris Boehning wrote the “USA” chapter of The International Comparative Legal Guide (ICLG) to: Insurance & Reinsurance 2020, published by the Global Legal Group Ltd., London.
Paul, Weiss is advising National General Holdings Corporation in its sale to the Allstate Corporation for approximately $4 billion in cash.
Paul, Weiss is advising Cigna Corporation on the regulatory clearance of the $6.3 billion sale of its group life and disability insurance business to New York Life.
Eight days after oral argument, a three-judge panel of the Second Circuit issued a summary order affirming dismissals of all claims against Paul, Weiss client AXA Equitable Life Insurance Company in two cases before Southern District of New York Judges Jesse Furman and Richard Sullivan.
Awards & Recognition
Litigation partners Susanna Buergel and Liz Sacksteder were recognized by Crain’s New York Business as 2019 “Notable Women in Law.”
The U.S. District Court for the Southern District of New York dismissed a putative class action against Paul, Weiss client Federal Insurance Company, a member of the Chubb Group of Insurance Companies, that alleged that disability insurance policies underwritten by Federal and other insurers violated New York's insurance laws and regulations and were otherwise deceptively marketed.
Elizabeth Sacksteder to Participate in Corporate Litigation Forum for Financial Services and Insurance
Litigation partner Elizabeth Sacksteder will moderate a panel, “Litigation Versus Arbitration: Which & When is Best?” at the Corporate Litigation Forum for Financial Services and Insurance, hosted by Consero.
Resistance Is Not Always Futile: The D.C. District Court Deals FSOC a Significant Blow by Rescinding MetLife’s Designation
On March 30, the D.C. District Court issued an order rescinding the Financial Stability Oversight Council's (FSOC's) designation of MetLife, Inc., as a systemically important nonbank financial company. The Court's opinion was unsealed on April 7, and the government has already filed a notice of appeal. The Court's decision is a significant setback for FSOC and, if left to stand, could seriously hamper FSOC's future efforts to designate nonbank financial companies and retain the designations already in place.
Paul, Weiss client Swiss Re Ltd, the holding company for the Swiss Re Group, entered into a novel funding arrangement under which it has secured the right to access up to $700 million of funding at current interest rates, which it can draw down essentially on a revolving basis under a loan issuance facility agreement, based on an offering in the capital markets by an unaffiliated repackaging vehicle.
Paul, Weiss, Rifkind, Wharton & Garrison LLP announced today that Elizabeth M. Sacksteder has joined the firm as a partner in its litigation department, resident in New York, where she will focus on complex litigation and regulatory matters.
Southern District of New York Issues Ruling in AIG Securities Litigation That Increases the Hurdles for Opt-Out Plaintiffs
On Thursday, the United States District Court for the Southern District of New York (Swain, J.) issued a decision granting, in part, the defendants' motions to dismiss in a series of individual actions filed by AIG shareholders who opted out of a parallel class action lawsuit.
Manulife Financial Corporation, a leading international financial services group, completed a public offering of $1 billion aggregate principal amount of 4.150% senior notes due 2026 and $750 million aggregate principal amount of 5.375% senior notes due 2046.