Sean Carney

Practice Areas

"SEAN CARNEY is a corporate partner, co-leader of Sidley’s private equity and global Insurance practices and member of the firm’s Executive Committee. Sean’s practice focuses on advising insurers and reinsurers, investment banks, private equity firms and other participants in the insurance and financial services industries in a variety of corporate, securities, and regulatory matters, including domestic and cross-border mergers and acquisitions, corporate governance, capital markets transactions and financings, corporate reorganizations (including sponsored demutualizations and mutual and mutual holding company conversions), and venture capital/private equity investments.

Chambers USA has recognized Sean for his work in Illinois Insurance: Transactional & Regulatory (2024). Sean was named a Business Insurance Break Out Award winner in 2017, and was named a “Rising Star” by Euromoney Legal Media Group in 2017 and 2015. He has also been named as a “Notable Gen X Leader in Law” by Crain’s Chicago Business in 2022.

Experience

Transactions on which Sean has advised include:

• Acquisition by LWCC of Prescient National.

• Acquisition by Arthur J. Gallagher of AssuredPartners from GTCR for gross consideration of US$13.45 billion (pending).

• Acquisition by Sentry Insurance of non-standard auto insurer The General® from American Family Insurance, for a total transaction value of US$1.7 billion.

• Disposition of forensic accounting firm MDD to Davies.

• Acquisition by Synchrony Financial of Ally Financial Inc.’s point-of-sale financing business, including US$2.2 billion of loan receivables.

• Sale by Synchrony Financial of Pets Best Insurance Services to Independence Pet Holdings, facilitating their collective partnership in the pet insurance and pet care financing industries.

• Sale by the Farmers Exchanges of three brokerage entities, and its flood program servicing arm, to Farmers Group, Inc. for US$760 million.

• Acquisition by RenaissanceRe of Validus Re from American International Group Inc. for US$2.985 billion.

• Acquisition by Westfield of the Lloyd’s operations of Argo Group, including Argo’s Lloyd’s managing agency and Argo’s members supporting Syndicate 1200.

• €2.75 billion private capital raise by Athora Holding.

• Acquisition by Arthur J. Gallagher of Buck, a leading provider of HR, pensions, and employee benefits services, for US$660 million.

• Acquisition by BRP Group of Westwood Insurance Agency.

• Acquisition by Arthur J. Gallagher of the treaty reinsurance brokerage operations of Willis Towers Watson for US$3.25 billion.

• Strategic transaction between Ohio National and Constellation Insurance Holdings involving Ohio National’s sponsored demutualization, providing for Constellation to fund cash payments or policy benefits in the amount of US$500 million.

• Acquisition by the Farmers Exchanges jointly with Farmers Group, Inc. of MetLife’s property and casualty business, MetLife Auto & Home, for US$3.94 billion.

• Acquisition by Aflac of Zurich North America’s U.S. group benefits business.

• Sale by Athene Holding of US$1.55 billion in common shares to Apollo Global Management.

• Acquisition by Synchrony Financial of Pets Best, a pet health insurance industry pioneer.

• Acquisition by Western & Southern Financial Group of Gerber Life Insurance Company from Nestlé S.A. for US$1.55 billion.

• Acquisition by Apollo Global Management of publicly traded Aspen Insurance Holdings for US$2.6 billion.

• Acquisition by Arthur J. Gallagher of Reassurance Holdings, including Coverdell & Co. and Carefree Marketing.

• Acquisition by Arthur J. Gallagher of managing general agency, broker and claims administrator Pronto Insurance from Palladium Equity Partners.

• Sale by United Fire of its life insurance company, United Fire Life Insurance, to Kuvare.

• Formation and €2.1 billion initial capitalization of Athora Holding, a Bermuda-based insurance and reinsurance group founded by Apollo Global Management and Athene Holding, which provides specialty solutions to the European insurance market.

• Acquisition of Great Western Insurance Company by the American Enterprise Group.

• Sale by Aon of its human resources outsourcing business to Blackstone for US$4.8 billion.

• US$1.24 billion initial public offering by Athene Holding.

• Merger of Mutual Trust Financial Group and Pan-American Life Insurance Group, a merger of two mutual insurance holding companies.

• Acquisition and capitalization by Aquiline Capital Partners of Armour Group, a Bermuda-based property and casualty run-off insurance business.

• Acquisition of Transatlantic Holdings by Alleghany Corporation, a transaction valued at US$3.4 billion.

• Sale by Genworth Financial of European lifestyle protection insurance business for approximately US$490 million.

• Acquisition by United Fire & Casualty Company of Mercer Insurance Group, Inc. in a cash merger valued at US$191 million.

• Acquisition of Meadowbrook Insurance Group by Fosun International in a cash merger valued at US$433 million.

• Sponsored demutualization of Podiatry Insurance Company of America and acquisition by ProAssurance Corporation, a transaction valued at US$131 million.

• Acquisition by American International Group, Inc. of GE Edison Life Insurance Company and GE’s U.S. auto and home business, a transaction valued at approximately US$2.2 billion.

• Sale by Genworth Financial of Genworth Financial Investment Services, its retail broker dealer business, to Cetera Financial.

• Sale by Principal Life Insurance Company of its health insurance business to UnitedHealthcare.

• Exit by American Republic and World Insurance Co. of its comprehensive major medical insurance business.

• US$1.75 billion surplus notes offering by Northwestern Mutual.

• US$51 million initial public offering by North Pointe Insurance.

• Acquisition by GE Capital of the retail finance portfolio of Citibank N.A., a transaction valued at US$1.6 billion.

• Sale by GE of its Corporate Card Services Business to American Express for US$2.1 billion.

• Sale of Vanliner Insurance Company by UniGroup, Inc. to National Interstate, a transaction valued at US$125 million.

• Acquisition by EBF & Associates of Athilon Group (a credit derivatives product company) from Lightyear Capital.

• Investment by Silver Creek Capital in IR Holding, Ltd, the holding company for St. James Re Limited, a newly formed Bermuda reinsurer.

• US$180 million initial public offering by Cabela’s Inc.

• Sale by American International Group, Inc. of its credit life business operations.

Memberships & Activities

• American Bar Association

• Chicago Bar Association

Publications

• Co-author, “The ‘Follow the Fortunes Doctrine’ in 2002: Evidence, Experts and Allocation,” Mealey’s Litig. Rep.: Reins., March 6, 2003; Sidley Austin LLP Reinsurance Law Report, 2003.

• Former Executive Editor, Chicago Journal of International Law, University of Chicago Law School.

Events

• Speaker, “Developments in Private Equity and Venture Capital Deals,” 40th Annual Federal Securities Institute, Tampa, FL, February 2024.

• Speaker, “Fiduciary Duties: A Mutual Holding Company Perspective,” Mutual Holding Company Forum, New Orleans, LA, October 2017.

Admissions & Certifications

• Illinois

Education

• The University of Chicago Law School (J.D., 2002)

• Truman State University (B.A., 1999, summa cum laude)