Financial Services and Insurance

On February 26, 2026, Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, announced that it has completed a strategic structured capital investment of $125 million by White Mountains Insurance Group, Ltd. (“White Mountains”). Cravath is representing White Mountains in connection with the transaction.

Cravath represented the European Investment Bank ("EIB") in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 10, 2026.

Cravath represented the underwriters in connection with the $3 billion registered fixed‑to‑floating rate subordinated notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on February 5, 2026.

On February 17, 2026, Kennedy‑Wilson Holdings, Inc. (“Kennedy Wilson”) and Fairfax Financial Holdings Limited (“Fairfax”) jointly announced that Kennedy Wilson has entered into a definitive agreement to be acquired, in an all cash‑transaction, by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of Kennedy Wilson, and certain other senior executives of Kennedy Wilson (collectively, the “KW Management Group”), together with Fairfax (collectively, the “Consortium”).

Cravath represented the underwriters in connection with the $6 billion registered floating and fixed-to-floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on January 22, 2026.

From February 26-27, Cravath partners John W. White, D. Scott Bennett and Justin C. Clarke participated in the Florida Bar’s 42nd Annual Federal Securities Institute and M&A Conference in Tampa, Florida. John moderated a panel entitled “Evolving Accounting and Auditing Focal Points in 2026,” which discussed best practices for interacting with the SEC staff, what lies ahead at the SEC, what’s new from FASB and the PCAOB’s new priorities and leadership. Scott moderated a panel entitled “Recent Developments in Digital Assets and Tokenization,” which explored the impact of tokenization, ETFs and digital asset treasury companies, new crypto legislation and what lies ahead. Justin moderated a panel entitled “Private Securities Litigation – 2025 Developments and Trends,” which analyzed trends in securities class action filings, case law updates and new and developing issues.

On February 24, 2026, Cravath partner Elad Roisman participated in the National Investment Company Service Association’s 2026 Strategic Leadership Forum, which was held from February 23‑25 in Miami, Florida. The event featured deep dive conversations on the topics of digital assets, AI, regulation, retirement innovation and the future of wealth platforms. Elad spoke on a panel entitled “The Shifting Rulebook: SEC Then & Now,” which reviewed the changes in SEC priorities, what’s to come and how to stay ahead of compliance challenges. 

On February 23, 2026, Crain’s New York Business featured Cravath partner Brittany L. Sukiennik in its 2026 list of “Notable Women in Law,” which recognizes “the women defining New York’s next era of law” and “leading the work that keeps systems functioning and rights protected.” Crain’s recognized Brittany, a member of Cravath’s Litigation Department, for her representation of clients including Xcel Energy in securing a favorable settlement before a trial related to the Colorado Marshall Wildfire, and Robinhood in securing the dismissal of antitrust and state law claims and defeating class certification of securities claims in the high‑profile “meme stock” litigation. The publication also highlighted Brittany’s active pro bono practice and work with Cravath’s Incarcerated Survivors Initiative.

On February 13, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the fourth quarter of 2025. Highlights from this edition include:

On January 19, 2026, The M&A Advisor honored Cravath with the “Chapter 11 Reorganization of the Year (Over $5B)” award as part of the organization’s 20th Annual Turnaround Awards, which will be celebrated at an event on March 24, 2026 in Palm Beach. Winners were selected by a “distinguished panel of their peers” and represent “the highest standards of excellence in the restructuring and corporate finance profession.” Cravath was recognized for its representation of Silvergate Capital Corp. in its Chapter 11 reorganization and liquidation.