Locke Lord Acts as Legal Adviser to Universal American in $30.5 Million Sale of Its Traditional Insurance Business to Nassau Re

Locke Lord acted as legal advisor to Universal American Corp. in the successful completion of Nassau Re’s previously announced acquisition of Universal American’s Traditional Insurance business. The deal, which closed on August 3, 2016 for approximately $30.5 million in cash, consists of the sale of all of the shares of Constitution Life Insurance Company and The Pyramid Life Insurance Company as well as approximately 150,000 insurance policies across Medicare supplement, life insurance, long-term care, disability insurance and other specialty health policies. In addition, according to the Universal American press release, Nassau Re will contribute more than $20 million at closing of new equity capital to support strategic growth opportunities. The Locke Lord team was led by Brian Casey (Atlanta) and included Nick DiGiovanni (Chicago), Chris Flanagan (Boston), Alan Levin (Hartford), Chris Martin (Houston), Tim Farber (Chicago), Jon Gillum (Austin) and John Emmanuel (New York).
Posted August 5, 2016