Daniel W. Krane

Insurance

Domestic and multinational insurance companies turn to Dan to protect their interests in the most complex and high-value transactions. He handles mergers and acquisitions, reorganizations, redomestications and joint ventures as well as holding company transactions. Dan also advises on product design and distribution, regulatory examinations, and rehabilitation and insolvency proceedings. His clients include:

• Insurance companies
• Reinsurers
• Agencies
• Third-party administrators
• Blue Cross/Blue Shield entities
• Captives
• Health maintenance organizations
• Preferred provider organizations
• Risk-assuming health providers

Financial Services

Dan’s perspective on the interplay among insurance, banking and securities activities is especially valuable to private equity funds, insurance conglomerates and financial intermediaries. He advises on formation and operation of bank-owned insurance companies and agencies, bank-agency and bank-insurer joint ventures and insurance company separate accounts. He also advises on direct marketing programs, including internet sales of financial and insurance products, and compliance programs.

Health Care

Dan assists clients in health care transactions such as formation and acquisition of health insurers, joint ventures, integrated delivery systems, risk-assuming provider networks, and hospital-physician ventures. He advises on the application of insurance laws to health care risk arrangements, and counsels health care systems on assuming insurance risk.

Representative Experience

• Enstar Group Limited in multiple collateralized reinsurance transactions, including a $1.1 billion deal to reinsure portfolios of Allianz Re's U.S. run-off business, a $357 million deal to reinsure all of the run-off workers’ compensation carve-out and occupational accident business of ReliaStar Life Insurance Company and its Canadian branch, and a $139.4 million deal to reinsure all of the run-off workers’ compensation carve-out and occupational accident business of Sun Life Assurance Company of Canada and its U.S. branch
• Pennsylvania Department of Insurance as special outside counsel in connection with a Form A change of control application seeking approval by Armour Group Holdings Limited to acquire four run-off insurers from OneBeacon Insurance Group Limited
• Pennsylvania Mutual Casualty Insurance Company in connection with a $100m collateralized reinsurance transaction covering lead paint risks
• A large regional cooperative in connection with restructuring its self-funded and fully-insured ERISA insurance programs to ensure compliance with state insurance laws and related MEWA issues
• Enstar Group Limited and Stone Point Capital, a Connecticut-based private equity firm, in the $646 million acquisition of Torus Insurance Holdings Limited
• Enstar Group Limited in multiple acquisitions, including the $218 million acquisition of Companion Property and Casualty Insurance Company, the $252 million acquisition of SeaBright Holdings, Inc. and the $181 million acquisition of Household Life Insurance Company of Delaware and HSBC Insurance Company of Delaware
• A super regional health care system in connection with forming a Medicare Advantage insurer and a strategic joint venture to partner with other health systems
• Various regional and super regional health care systems in connection with a wide array of risk-assuming ventures, including downstream assumption of risk arrangements and joint venture and fronting transactions with insurers
• Sussex Insurance Company in connection with certain reinsurance and collateral claims against the estate of Freestone Insurance Company in Liquidation
• Enstar Group Limited in connection with the $180m acquisition of a worker compensation block from the Reciprocal of America in Liquidation
• AIG in connection with it omnibus proof of claim in the Reliance Insurance Company in Liquidation
• An insurance agency subsidiary of a publicly traded bank holding company in connection with 50-state insurance compliance issues
• Enstar Group Limited and Stone Point Capital, a Connecticut-based private equity firm, in the $646 million acquisition of Torus Insurance Holdings Limited
• A major car rental company in connection with structuring a program under which the rental car company offers auto liability coverage to auto rental customers and related regulatory matters, including producer licensing issues, drafting of limited lines producer licensing exceptions in a number of states, matters relating to licensing of ticket agents, compensation and contract wording
• A large off-shore insurance conglomerate in connection with forming a captive US property and casualty agency and obtaining producer licensure on a 50-state basis, including intercompany agreements, Form D affiliated transaction filings and related regulatory issues
• A large pet insurance managing general agency in connection with corporate, regulatory and transactions matters, including negotiating agreements with insurers and various types of subproducers and venture partners

Faculty Positions

• Rutgers School of Law – Former Adjunct Faculty Member for advanced insurance course

Personal Interests

Dan is an avid skier and former alpine ski race coach. He loves golf, cycling, hiking, traveling and reconditioning antique straight razors. In a past life, he was a competitive skydiver and has competed at the US National Championships in 4-way and 8-way team events.