Kirkland & Ellis advised private investment firm Gallatin Point Capital on a partnership with American Family Insurance Group, which will create a new national insurance platform, including more than $1.25 billion of new capital commitments. The platform will have the capability of providing homeowners insurance in catastrophe exposed areas. The acquisition closed on December 31, 2023.
Gallatin Point is buying a majority stake in the attorney-in-fact for reciprocal insurer Trusted Resource Underwriters Exchange (TRUE), which was established to serve homeowners in storm-prone regions of Florida and other areas. The partnership will allow TRUE to expand its footprint nationally. American Family will remain a minority owner of TRUE and continue to provide distribution and client services. In connection with the acquisition, Gallatin Point formed a $1.25 billion special purpose investment fund with an innovative holding company structure.
The Kirkland team was led by corporate partners Rajab Abbassi and Frances Dales and investment funds partners Richard Shamos and Ted McBride, with support from corporate partner Marc Holloway and associates Sandra Ghobraiel, Aburiyeba Amaso and Sneha Darbha; insurance transactions & regulatory partner Parimah Hassouri; investment funds associates Matt Zanis, Elena Kwon, Rob Ahlander, James Chao and Jonathan Palmer; investment funds regulatory partner Daniel Kahl; tax partner Philip Cooke and associate Keaton Bolton; employee benefits partner Chris Chase and associates Mackenzie Packard and Ethan Kirner; executive compensation partner John Kleinjan, associate Shana Krauss and of counsel Jack Bernstein; technology & IP transactions partners Matthew Lovell, Todd Herst and Noah Shier and associates Sofiya Bavlovych and Rob Patrignani; employment & labor partners Sydney Jones and Alexander Flynn-Tabloff and associates Wes Benter and Olivia Hunter; antitrust & competition partner Scott Scheele; and international trade & national security partners Ivan Schlager and Michelle Weinbaum and associate Brad Dumbacher.
