Patrick F. Tedesco
Counsel, Corporate & Financial Services
Patrick Tedesco is counsel in the Corporate and Financial Services Department. Patrick advises insurance and reinsurance companies on longevity and pension risk transfers, where his experience includes several of the largest and most innovative transactions in the UK and US markets to date, as well as capital markets transactions and other matters in the insurance industry. Patrick’s practice includes a particular focus on collateral arrangements supporting longevity reinsurance transactions, which builds on over 15 years of advising on a broad range of complex secured transactions.
Experience
Prior to joining Willkie in 2014, Patrick was an associate in the New York office of a global law firm, where he focused on finance. His prior experience involved the representation of lenders and borrowers, including financial institutions, corporate borrowers, private equity sponsors and portfolio companies, on acquisition, asset-backed, leveraged and project financings involving a wide array of industries and related corporate transactions.
- “Reinsurance Sidecars: The Next Stage in the Development of the Longevity Risk Transfer Market” published in North American Actuarial Journal (2020); co-authored with Nicholas Bugler, Kirsty Maclean and Vladimir Nicenko.
Longevity Reinsurance and Pension Risk Transfers
- Prudential on its reinsurance of a $8.1 billion longevity transaction with Barclays Bank UK Retirement Fund
- Prudential on its quota share reinsurance of a ₤7 billion longevity transaction with HSBC UK Pension Scheme (using a Bermuda segregated accounts company established to intermediate the transfer of risk to the reinsurance market)
- Prudential on its quota share reinsurance of a ₤3.4 billion longevity transaction with MMC (Marsh & McLennan Companies) pension fund (using a Guernsey incorporated cell company established to intermediate the transfer of risk to the reinsurance market)
- Prudential in longevity reinsurance transactions with Pension Insurance Corporation covering more than $3 billion of pension liabilities, including the development and implementation of an innovative flow longevity reinsurance structure intended to facilitate longevity reinsurance transactions for smaller pension buy-ins and buy-outs
- Prudential in longevity reinsurance transactions with Legal & General plc, Rothesay Life Limited, Scottish Widows plc, and The Phoenix Group, respectively, covering in the aggregate more than $13 billion of pension liabilities of certain UK defined benefit plans
- Prudential in the issuance and sale of group annuity contracts to several US pension plans and plan sponsors, including Motorola Solutions, Bristol-Myers Squibb Company, Philips Electronics North America Corporation, Kimberly-Clark Corporation, J.C. Penney Company, and The Timken Company, respectively, collectively covering over $6 billion in pension obligations
Capital Markets
- American General Life Insurance Company, Jackson National Life Insurance Company, Metropolitan Life Insurance Company, and The Prudential Insurance Company of America, respectively, in the offering of senior secured notes
- The Prudential Insurance Company of America in connection with the establishment of its Commercial Paper program
- Allstate, Amlin and SCOR, respectively, in the offering of principal-at-risk notes
Credentials
Education
SUNY at Buffalo Law School, J.D., 2002 SUNY at Buffalo, M.A., 1999 Colby College, B.A., 1995
Bar Admissions
Court Admissions
United States District Court, Northern District of New York, 2014