Arthur J. Lynch

• “Treasury’s Third Effort to Address the Insurance Company Exception to the PFIC Rules Produces a Mix of Final and Proposed Regulations,” Willkie Client Memorandum (December 2020)
• “Treasury’s Latest Effort to Address the Insurance Company Exception to the PFIC Rules and Provide Other Long-Awaited PFIC Guidance,” Willkie Client Memorandum (July 2019)
• “Impact of the Tax Cuts and Jobs Act on the Offshore Reinsurance Industry,” Willkie Client Memorandum (December 2017)
• “Application of Border Adjusted Tax Proposals Creates Uncertainty for Offshore Insurers,” Willkie Client Memorandum (December 2016).
• “US. Court of Appeals Rejects IRS ‘Cascading’ Tax on Foreign-to-Foreign Retrocessions,” Willkie Client Memorandum (May 2015).
• “Treasury Department and IRS Release Proposed Regulations Clarifying Application of PFIC Analysis to Offshore Insurers,” Willkie Client Memorandum (April 2015).
• “FATCA Treatment of Cat Bond Issuers,” Trading Risk (March 2014).
• “District Court Rejects IRS “Cascading” Tax on Retrocession Premiums,” Willkie Client Memorandum (February 2014).
• "Proposed Treasury Reg: Series LLC and Cell Companies," Captive Insurance Company Reports (April 2011).
• "Seeking Out Safe Harbors," Captive Review (March 2003).
• "Tax Implications of Risk Financing," in Risk Financing: A Guide to Insurance Cash Flow.  International Risk Management Institute, Inc.
• "Tax Implications of Alternative Risk Financing," Risk Funding & Self-Insurance Bulletin.

Convergence of Insurance and Capital Markets

Artie’s representative transactions in the insurance-linked securities sector include advising:

• Nephila Capital Ltd. in raising capital for managed funds and structuring operations;
• Hudson Structured and Pillar Capital in connection with the formation, structuring and financing of managed funds;
• Aeolus and Leadenhall in raising capital for managed funds;
• Insurance-linked funds sponsored by insurance/reinsurance groups, including Hiscox, RenaissanceRe, SCOR, Swiss Re and XL, in their formation, structuring and financing;
• Insurance-linked funds sponsored by asset management groups, including Credit Suisse, Deutsche Asset Management, Neuberger Berman, Pimco and Schroders, in their formation, structuring and financing;
• Lancashire in connection with the formation, structuring and funding of Kinesis Re;
• Allstate, Amlin, Argonaut, Aspen, Assurant, Axis, Catlin, Flagstone, Fidelis, Glacier, Hanover, Liberty Mutual, Munich Re, Nationwide, Platinum, Renaissance Re, Safepoint, SCOR, State Farm and United Property in their catastrophe bond offerings;
• Arch, Essent, Genworth, Mortgage Guaranty Insurance Company, National Mortgage and Radian in mortgage insurance securitization transactions;
• Credit Suisse in the securitization of operational risks;
• Arch, Argonaut, Aspen, Axis, Barbican, Brit, Chubb/ACE, Fidelis, Hamilton Insurance, Hiscox, Lancashire, Markel, Montpelier, Munich Re, Paris Re, Partners Re, Randall & Quilter, Renaissance Re, SCOR, Swiss Re and WR Berkley in the formation, structuring and financing of sidecar facilities;
• Credit Agricole and Swiss Re in an embedded value securitization of closed blocks of reinsurance business retroceded by Aurigen Re;
• Aetna Life Insurance Company in the first-ever health insurance-linked securities offering;
• Munich Re, SCOR and Securian in extreme mortality securitizations;
• UnumProvident in the financing of its long term disability reserves; and
• Aegon N.V., Genworth Financial, Grange Life, Legal & General America, Metlife, Mutual of Omaha, Reinsurance Group of America and Sun Life in the financing of XXX and/or AXXX reserves.

Capital Markets and Cross-Border Reorganizations

• Sixth Street in its acquisition of the Talcott Resolution life insurance platform;
• Sixth Street in its investment in Convex Group;
• Conduit Re in its formation, structuring and private fund raising;
• Fidelis in its private equity offerings;
• Renaissance Re in its acquisition of a group of Tokio Millennium companies;
• AIG in the sale of part of its interest in Fortitude Re;
• Nephila in its acquisition by Markel;
• Assurant in its acquisition of The Warranty Group;
• Ark Insurance in its sale of a majority stake to White Mountains;
• Argo in its purchase of Ariel;
• Allied World in its acquisition by Fairfax;
• Assured Guaranty in its acquisition of UK subsidiaries of MBIA;
• Alea Group in its sale to Catalina;
• Pine Brook Partners in its investment in Global Atlantic;
• Argonaut Group in its merger with PXRe Group, Ltd.;
• Essent Group in its acquisition of an operating platform and intellectual property from Triad Guaranty;
• AEGON N.V. in its acquisition of Transamerica Corporation;
• Charman Holdings on its sale to ACE Limited;
• Aspen Insurance, Axis Capital, Essent Group, Lancashire Holdings, Maiden Holdings, RAM Holdings and United National Group in their IPOs and subsequent offerings;
• Underwriters in the IPOs and subsequent offerings of Assured Guaranty, Endurance, Flagstone, James River and Third Point Reinsurance;
• Underwriters in public equity offerings by ACE Limited and Darwin Professional Underwriters;
• Aspen, Axis, Lancashire and Sirius in senior debt offerings and underwriters in debt offerings by Everest and Assured;
• Nationwide Mutual in its contingent surplus note and surplus note deals;
• Renaissance Re in equity and debt offerings; and
• NBCU in securitizations of cable and network and advertising sales receivables and cable subscriber fees.

Life Insurance Transactions

• AIG, Metlife and Prudential in a series of multi-billion pension risk transfer and longevity reinsurance transactions
• Sixth Street’s Talcott Group in a $35 billion fixed index annuity portfolio reinsurance transaction and a $25 billion fixed annuity and universal life reinsurance transaction.

Other Insurance Matters

• Fidelis in the launch of a new managing general underwriter and separation of its business
• California Earthquake Authority in considering alternative sources of reinsurance capacity and general tax matters related to its status and programs;
• Maiden Reinsurance in connection with the expansion of its European platform;
• Ambac Financial Group Inc. in connection with its litigation with the federal government over the tax treatment of credit default swaps and the synthetic commutation of its financial guaranty policies;
• Alberta Investment Management Company in connection with the formation of a life settlement fund; and
• Insurance and reinsurance company clients in finite reinsurance inquiries by various regulatory bodies.