Scott D. Avitabile

Counsel

New York
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019-6099
T 212 728 8279
F 212 728 9279
savitabilewillkie.com

Scott D. Avitabile is counsel in the Corporate & Financial Services Department. He focuses on structured and corporate finance matters, mergers and acquisitions, and alternate risk transfer transactions, with a focus on the insurance and financial services industries.

Reserve Financing Transactions and Insurance-Linked Securities
Scott has advised issuers, underwriters, borrowers and lenders in a variety of securities transactions and private lending facilities involving the insurance industry, including the securitization of life insurance policies and the issuance of catastrophe bonds, mortality bonds and surplus notes. He has also advised numerous insurance companies and international banks, including Aegon, Aviva, Canada Life, Credit Agricole, Genworth, Goldman Sachs, Legal & General, MetLife, Mutual of Omaha, Nationwide, RGA, Scottish Re and Sun Life, in private finance transactions designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX. Additionally, Scott has advised clients in the insurance, energy and investment banking industries in derivative and insurance risk transfer transactions covering credit, energy, weather and insurance-based risk transfer transactions.

Scott speaks regularly at securitization and insurance industry conferences and has been recognized as a leading insurance transactional lawyer in the United States by Chambers USA and Legal 500.

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Scott D. Avitabile is counsel in the Corporate & Financial Services Department. He focuses on structured and corporate finance matters, mergers and acquisitions, and alternate risk transfer transactions, with a focus on the insurance and financial services industries.

Selected Significant Matters

Securitizations and Securities Offerings

  • Advising BNP Paribas Securities Corp. as structuring and placement agent in the private placement of C$210 million of asset-backed notes issued by Valins I Limited, marking first Canadian dollar embedded value transaction since 2011
  • Advising Credit Agricole Securities (USA) as structuring lead and sole book-runner in the placement of $300 million of asset-backed notes issued by Chesterfield Financial Holdings LLC, marking the first securitization of U.S. life insurance embedded value since the financial crisis of 2008
  • Advising Aviva in multiple private structured lending transactions, each designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX
  • Representing Genworth Financial in each of the five separate structured securitizations sponsored by Genworth, each designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX, totaling over $3 billion
  • Advising Legal & General in two structured securitizations sponsored by Legal & General, each designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX, totaling $1 billion
  • Representing Aetna in its $150 million ground-breaking securitization of medical benefits claims under health insurance policies
  • Advising Aegon N.V. in its $550 million Regulation XXX securitization
  • Representing Unum in two securitization transactions of long term disability claims totaling over $1 billion
  • Advising Scottish Re in several securitizations designed to relieve the reserve strain caused by Regulation XXX totaling over $2 billion
  • Representing XL Capital Assurance in connection with a structured securitization of a closed block of insurance policies issued or reinsured by Swiss Re
  • Advising Munich Re in both a $100 million mortality bond offering and a $100 million CAT bond offering
  • Representing Sun Life Assurance Company of Canada in a $600 million capital securities offering (hybrid subordinated debt)
  • Advising Jackson National Life Insurance Company in a $250 million surplus note offering
  • Representing GE Financial Assurance in the restructuring of its life insurance subsidiaries
  • Advising Banco Nacional de Mexico in the securitization and subsequent issuance of debt securities tied to credit card receivables totaling over $1 billion, as well as two payment rights securitizations totaling $400 million
  • Representing National Commercial Bank of Jamaica in a $175 million issuance of debt securities tied to credit card receivables

M&A

  • Representing Dai-ichi Life Insurance Company in its $5.7 billion acquisition of Protective Life Corporation
  • Representing Aviva plc in its $1.8 billion sale of its U.S. life insurance business
  • Advising AEGON N.V. in its $1.2 billion merger with TransAmerica
  • Representing Talegen Holdings, Inc. (the property and casualty holding company of Xerox) in the sale of Coregis Group for $450 million and Industrial Indemnity for $365 million
  • Advising Sun Life’s $286 million sale of the U.S. insurance operations of Clarica Life
  • Representing the lead investors in the $15 million recapitalization of a Texas County Mutual insurance company
  • Advising AEGON USA in its $160 million sale of Providian Auto and Home Insurance Company to Great American Insurance Company

Selected Publications and Lectures

  • Co-author, "Regulatory Takings, Historic Preservation and Property Rights Since Penn Central: The Move Toward Greater Protection," Fordham Environmental Law Journal (1995).