Rajab S. Abbassi, P.C.
Overview
Rajab's commerciality as a deal lawyer makes him vital to have in our corner. - Chambers USA, 2022
Rajab Abbassi is a partner in the Corporate Practice Group in the New York office of Golden Flag International Law Firm LLP and a member of the Financial Institutions and Insurance Transactions & Regulatory Practice Groups. Rajab’s practice focuses on corporate transactions in the insurance industry, and he has advised on many of the most significant transactions in the industry over the last 20 years. He regularly advises on mergers and acquisitions, reinsurance transactions, joint venture transactions and strategic investments, as well as securities offerings and other corporate transactions. Rajab also frequently counsels boards of directors and senior management on strategic and governance matters.
Since 2016, Rajab has been ranked annually by Chambers USA, as a leading practitioner in Insurance Transactional and Regulatory matters. Clients describe him as “off the charts intelligent” and note that his “commerciality as a deal lawyer makes him vital to have in our corner.” He has also been recognized as an “M&A Client Service All-Star” by BTI Consulting Group and a “Rising Star” by Super Lawyers, and has been recognized by The Legal 500 U.S.
Experience
Representative Matters
Prior to and since joining Golden Flag, Rajab has been involved in the following matters:
- ABRY Partners on its $350 million investment in ERS.
- Aegon in its deal to sell its two largest U.S. run-off businesses, pursuant to which Aegon's Transamerica life subsidiaries will reinsure $14 billion of liabilities to affiliates of Wilton Re US Holding Inc.
- Aegon in its $1.4 billion sale of Transamerica Reinsurance to SCOR.
- Aetna in its $1.45 billion agreement to sell its U.S. group life and disability business to The Hartford.
- Alea Group in its sale to Catalina Holdings.
- Allstate in its $1.74 billion (including released capital) sale of Lincoln Benefit Life Company to Resolution Life Holdings.
- Antarctica Capital in its $100 million acquisition of Midwest Holding (NASDAQ: MDWT).
- Aquiline Capital Partners LLC in its agreement to acquire Relation Insurance Services.
- Ariel Re in the sale of its insurance and reinsurance operations to a subsidiary of Goldman Sachs Reinsurance Group.
- Aspen Insurance Holdings Limited in its $2.6 billion sale to certain investment funds affiliated with Apollo Global Management.
- Assurant in the $940 million sale of its employee benefits business to Sun Life Financial.
- Aviva in its $2.5 billion sale of Aviva USA to Athene Holding.
- AXA in its $1.8 billion sale of Winterthur’s US property and casualty insurance operations to QBE.
- Bain Capital Credit on its entry into a strategic partnership with Beat Capital Partners.
- Bain Capital Insurance in its investment in Aptia.
- Bain Capital Insurance in its investment in Ryze Claim Solutions.
- Bain Capital Insurance in the formation of The Mutual Group and its related transaction with GuideOne Insurance Group.
- Castlelake on the launch of aviation reinsurer Itasca Re and its subsequent transaction with Fidelis.
- Cerberus Capital Management in the sale by its portfolio company, Steward Health Care System, of Steward Health Choice Arizona to Blue Cross Blue Shield of Arizona.
- Centerbridge Partners and Martello Re in the formation and launch of Martello Re and related reinsurance and asset management arrangements.
- Centerbridge Partners in its acquisition of Superior Vision Corporation, a leader in managed vision care, from Nautic Partners, and its acquisitions of a majority stake in Davis Vision, Highmark Health’s managed vision care benefits unit, and a minority stake in Highmark Health’s vision retail subsidiary, Visionworks.
- Centerbridge Partners in its $100 million investment in TypTap Insurance Group.
- Centerbridge Partners on a $315 million equity funding round for Pie Insurance.
- CNO in its $260 million sale of Conseco Life Insurance Company to Wilton Re.
- Consortium consisting of Bain, Carlyle, Centerbridge and Gallatin Point in their agreement to exchange their existing preferred shares in Sirius International Insurance Group (NASDAQ: SG) for a combination of cash and newly issued preferred shares in Third Point Reinsurance (NYSE: TPRE) valued at $260 million upon the completion of the merger transaction between Sirius Group and Third Point Re.
- Corinthian Capital Group in its acquisition of CellXion, LLC.
- Davidson Kempner Capital Management in the formation of Kindley Re and related transactions with Kuvare Holdings.
- Deutsche Bank in its $220 million credit facility to Cyrus Reinsurance Holdings SPC (Cyrus Re) in connection with the private placement by Cyrus Re of senior debt securities, and in related transactions.
- Special Committee of the Board of Directors of FGL Holdings in its $2.7 billion acquisition by Fidelity National Financial.
- Fidelity National Financial, Thomas H. Lee Partners and other investors in their $635 million acquisition of Sedgwick CMS Group and in their subsequent sale of a minority interest to United Healthcare.
- Fidelity National Financial in its $210 million sale of its flood insurance business to WRM America Holding Company.
- Fidelity National Financial in its $119 million sale of an 85% stake in the remainder of its personal lines insurance business to WT Holdings.
- Fidelity National Financial in its acquisition of Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation from LandAmerica Financial Group.
- Fidelity National Financial in the spin-off of its title insurance operations.
- Fidelity National Information Services in its $1.8 billion acquisition of eFunds Corporation.
- Fidelity National Information Services in the sale of its ClearPar automated syndicated loan trade settlement business to Markit Group.
- Fidelity National Title Group in its $500 million debt exchange offer and related consent solicitation.
- Fortress in the formation of Palisade Insurance Partners.
- Further Global Capital Management in its investment in the parent company of LegalShield, a leading provider of pre-paid legal services and legal insurance.
- Further Global Capital Management, alongside TowerBrook Capital Partners, in the $586 million acquisition of the outstanding shares of common stock of ProSight Global, a domestic specialty insurance company.
- Gallatin Point Capital in the acquisition of the attorney-in-fact for Trusted Resources Underwriting Exchange (TRUE) and related $1.25 billion capital raise.
- Genworth Financial in its $2.7 billion proposed acquisition by China Oceanwide; the proposed transaction included an additional $1.1 billion capital contribution (terminated).
- The Guardian Life Insurance Company of America in its acquisition of a controlling interest in eMoney Advisor LLC.
- The Hanover Insurance Group in its renewal rights agreement for access to OneBeacon’s commercial lines insurance business.
- The Hanover Insurance Group in its acquisition of AIX Specialty from Sterling Capital Partners and other stockholders.
- The Hartford in its divestiture of Omni Insurance Group and related operations.
- HCC Insurance Holdings, Inc. in its $7.5 billion acquisition by Tokio Marine Holdings, Inc.
- KKR on its acquisition of Integrated Specialty Coverages.
- Lincoln National in its $7.5 billion merger with Jefferson-Pilot.
- MetLife in its $11.8 billion acquisition of Travelers Life & Annuity from Citigroup.
- Metromile in its acquisition by Lemonade through an all-stock merger transaction.
- Munich Re Group in its $1.3 billion acquisition of The Midland Company.
- Munich Re Group in its $742 million acquisition of The Hartford Steam Boiler Group from AIG.
- Munich Re Group in its $352 million acquisition of Sterling Life Insurance Company and Olympic Health Management Systems, Inc. from Aon.
- Old Republic in the $140 million sale of its mortgage insurance business to Arch Capital Group.
- ORIX in its acquisition of a majority stake in a reinsurance cell of Midwest Holding Inc. and related reinsurance and asset management arrangements.
- Pan-American Life Insurance Group in its merger with Mutual Trust Financial Group.
- Protective Life Corporation in its acquisition of ShelterPoint.
- Protective Life Corporation in its $1.2 billion acquisition of Great-West Life & Annuity Insurance Company’s individual life insurance and annuity business.
- Protective Life in its agreement to acquire Liberty Mutual’s individual life and annuity business in a $3.3 billion multi-party transaction involving Liberty Mutual Group and Lincoln Financial Group.
- Protective Life in its $1.06 billion acquisition of MONY Life Insurance Company and certain business of MONY Life Insurance Company of America from AXA.
- Radian Group Inc. in its $810 million sale of Radian Asset Assurance Inc. to Assured Guaranty Ltd.
- RenaissanceRe Holdings Ltd. in its acquisition of Platinum Underwriters Holdings, Ltd. for total consideration of approximately $1.9 billion.
- Root in its $300 million term loan facility with BlackRock.
- Ryan Specialty in its acquisition of Castel Underwriters from Arch Capital.
- Ryan Specialty in its acquisition of Socius Insurance Services.
- S.A.C. Capital in the sale of SAC Re to an investor group led by Two Sigma.
- SPARTA Insurance Holdings in its sale to Catalina Holdings.
- Special Committee of the Board of Directors of State Auto Financial Corp. in its $2.36 billion sale to Liberty Mutual Holding Company
- Sun Life Financial in its $650 million acquisition of Genworth's Employee Benefits Group Business.
- Swiss Re Corporate Solutions Ltd in its agreement to establish a joint venture with Bradesco Seguros, creating a leading commercial large-risk insurer in Brazil.
- Tokio Marine HCC in its acquisition of GCube from Marsh & McLennan.
- Tower Group in its $525 million (including assumed debt) merger with a subsidiary of ACP Re.
- Tower Group in its merger with Canopius Holdings Bermuda Limited.
- Tower Group in its strategic investment in Canopius Group.
- Tower Group in its acquisition of OneBeacon’s personal lines insurance business.
- USHEALTH Group in its sale to UnitedHealthcare.
- Varde Partners in its strategic partnership with American Equity Investment Life Holding Company and Agam Capital Management to establish a new reinsurance company.
- Voya Financial in the sale of its Closed Block Variable Annuity and fixed and fixed indexed annuities businesses to an investor group including affiliates of Apollo Global Management LLC and Athene Holding, Ltd.
- VSP Vision in the acquisition of Professional Eye Care Associates of America.
- Wilton Re on its acquisition of Allstate Life Insurance Company of New York.
- Wright Risk Management Company and its shareholders in the formation, structuring and initial funding of WRM America Holding Company, LLC, a joint venture with Aquiline Capital Partners, LLC, and related acquisitions and other transactions.
- XL Group plc in the $875 million sale of a controlling interest in ARX Holding Corp. to The Progressive Corporation.
- Zenith National in its $1.4 billion merger with a subsidiary of Fairfax Financial.
- Zurich Insurance Group in its acquisition of the individual and group life insurance businesses and the long-term savings operations of EuroAmerica in Chile.
- Zurich Insurance Group in its acquisition of Rural Community Insurance Services (RCIS) from Wells Fargo for up to $1.05 billion.
- 26North in the formation of 26North Re and its separate reinsurance transactions with American Equity Investment Life Holding Company and National Life Group and related capital raise transactions.
Prior Experience
Partner, Willkie Farr & Gallagher LLP
Associate, Dewey & LeBoeuf LLP
More
Recognition
Recognized for Insurance: Transactional & Regulatory in New York by Chambers USA, 2016–2024
Recognized for Insurance: Non-Contentious by The Legal 500 United States, 2023–2024
Named a BTI Client Service All-Star by The BTI Consulting Group, 2021
Recognized for M&A in New York by Super Lawyers, 2015–2023
Selected as a “Rising Star” for M&A in New York by Super Lawyers, 2014
Credentials
Admissions & Qualifications
- 2005New York
Education
- Fordham University School of LawJ.D.2004
- Rutgers UniversityB.A.2000