Dennis M. Manfredi is the Co-head of the firm's US Insurance practice. He has almost 25 years of experience in the insurance and reinsurance industry. Dennis focuses his practice on advising insurance companies, financial institutions, and investors on a broad range of transactional and regulatory matters.
Dennis regularly advises clients on a variety of transactions including mergers and acquisitions, domestic and cross-border reinsurance transactions, reinsurance collateral arrangements, pension risk transfer transactions, and innovative structured finance matters such as private equity-backed life and annuity sidecars and other third-party capital-financed reinsurance vehicles, as well as regulatory reserve and embedded value transactions.
Dennis also has deep knowledge and experience with insurance holding company system regulation and general regulatory compliance, and regularly counsels clients, including insurtech startups, on insurance regulatory matters.
- Hudson Structured Capital Management Ltd. as investment manager for the lead investors in the structuring and formation of SkyRidge Re, a Class E Bermuda life insurance and annuity reinsurance company.
- Hudson Structured Capital Management Ltd. as investment manager for investors in Martello Re, a Class E Bermuda life and annuity reinsurance company.
- Global Atlantic in the reinsurance of a US$4.8 billion closed block of whole life insurance policies from AXA China Region Insurance Company Limited and AXA China Region Insurance Company (Bermuda) Limited (AXA Hong Kong), with Global Atlantic’s Ivy Co-Investment Vehicle LLC investing alongside Global Atlantic Assurance Limited.
- Global Atlantic in the reinsurance from Unum Group of a closed block of individual disability income business backed by US$8.5 billion in assets.
- Global Atlantic in a US$5.7 billion fixed and fixed-indexed annuity reinsurance transaction with American Financial Group affiliate Great American Life.
- Global Atlantic in the reinsurance of approximately US$3.4 billion of policy liabilities related to John Hancock’s legacy U.S. bank-owned life insurance (BOLI) business.
- Two large life and annuity insurance companies in establishing pension risk transfer platforms.
- A multinational courier delivery service company in its agreement to transfer approximately US$6 billion of its U.S. pension plan obligations to MetLife, covering approximately 41,000 beneficiaries.
- Sears Holdings Corporation as sponsor in connection with multiple pension de-risking transactions, including the transfer of US$515 million of pension liability to MetLife, covering approximately 51,000 retirees.
- Athene in the transfer of approximately US$2.8 billion of J.C. Penney Corp., Inc.’s pension obligations affecting approximately 30,000.
- Athene in a first-of-its-kind US$3.8 billion pension risk transfer transaction with Bristol-Myers Squibb, in connection with the full termination of its U.S. retirement pension plan.
- Several global life insurance companies in a variety of pension risk transfer insurance and reinsurance transactions.
- Oceanview Reinsurance Ltd. in a reinsurance transaction in which it assumed approximately US$1 billion of statutory reserves from an A++ rated U.S. life insurance company covering legacy fixed annuity business.
- Cigna Corporation in the non-U.S. insurance and healthcare regulatory matters associated with its acquisition of publicly traded Express Scripts Holding Company for approximately US$67 billion.
- Cigna Corporation in the insurance and healthcare regulatory matters associated with its terminated sale to Anthem, Inc. in a transaction valued at US$54.2 billion.
- Global insurers, reinsurers, and other financial institutions in over US$15 billion of reserve financing transactions using a variety of financing structures.
- Rothesay Life in several retirement annuity reinsurance transactions and asset management matters.
- Insurtech startups, Jetty Insurance and Fabric, in connection with the establishment of insurance operations and certain insurance regulatory matters.
- The State of South Carolina in the review of a South Carolina-based captive financing transaction.
- Wells Fargo in the sale of its Iowa-based insurance companies, Centurion Life Insurance Company and Centurion Casualty Company.
News and client work
Career and qualifications
- Binghamton University (BS) 1996
- Fordham University School of Law (JD) 1999
- Admitted as Attorney-at-Law in New York 2000
- Joined Clifford Chance as Partner 2022
Awards and citations
- “an excellent attorney [who is] great at effective negotiation on behalf of his clients” and clients noted that “[he] has good client service and is responsive and available.”
2022 Chambers USA Insurance: Band 4 Transactional & Regulatory