Financial Services and Insurance

Cravath represented the underwriters in connection with the $400 million fixed‑rate reset subordinated notes offering of Fidelis Insurance Holdings Limited, a global specialty insurer that leverages strategic partnerships to offer innovative and tailored insurance solutions. The transaction closed on June 13, 2025.

Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.

Cravath represented HSBC Securities and the other underwriters in connection with the $1.25 billion registered notes offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on June 3, 2025.

Cravath represented the initial purchasers in connection with the $350 million 144A/Reg. S fixed‑rate reset senior notes offering of Ascot Group Limited, a global insurance and reinsurance organization offering a broad range of specialty insurance and reinsurance products to customers worldwide through underwriting platforms in the U.K., Bermuda and the U.S. The transaction closed on May 16, 2025.

Cravath represented the underwriters in connection with the $1.1 billion registered senior notes offering of CBRE Services, Inc., a direct wholly‑owned subsidiary of CBRE Group, Inc. (“CBRE”). CBRE is the world’s largest commercial real estate services and investment firm. The transaction closed on May 12, 2025.

The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.

On June 4, 2025, Cravath partner and former Commissioner and Acting Chairman of the U.S. Securities and Exchange Commission Elad Roisman testified before the United States House Financial Services Committee. The hearing entitled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework” examined the Digital Asset Market Clarity Act of 2025, which sets forth a proposed digital asset market structure framework.

Cravath partners D. Scott Bennett and Nicholas A. Dorsey and of counsels Virginia M. Anderson and Ellen H. Park co‑authored the U.S. Law and Practice chapter of the Chambers Venture Capital Guide, which was published in May 2025. The guide, which is part of the publisher’s Global Practice Guides series, provides the latest legal information on trends in the venture capital market; fund structures, economics and regulation; investments in VC companies; government subsidies and tax; employee incentivization and exits in the 26 jurisdictions covered. The U.S. Law and Practice chapter examines how the artificial intelligence sector drove momentum in the venture capital market throughout the past year; the continued prevalence of “down round” raises, bridge financing solutions and alternative financing solutions for companies that have faced financing challenges; typical venture capital fund structure in the United States and more.

On May 29, 2025, Cravath partner Jelena McWilliams participated in This Week in Fintech’s Stablecon 2025, which was held in New York. The conference hosted founders, c‑suite executives, regulatory authorities, venture capitalists and crypto innovators to discuss critical themes in the rapidly evolving stablecoin ecosystem, including regulatory frameworks, technological advancements, institutional adoption and the role of stablecoins in global commerce. Jelena spoke on a panel entitled “The Shifting Regulatory Sands of Stablecoins,” which reviewed the regulatory treatment of stablecoins, including the interplay of federal and state regulation, the effect of stablecoin legislation and regulation on the structure of the market and what to watch during the implementation of stablecoin regulation.

Cravath partner Elad Roisman participated in “The SEC Speaks in 2025,” a program presented by the Practising Law Institute in cooperation with the U.S. Securities and Exchange Commission (“SEC”) from May 19‑20, 2025, in Washington, D.C. Elad was a commentator alongside other former SEC Commissioners on the panels for Division of Corporation Finance, Division of Trading and Markets and Division of Enforcement. The program convened corporate attorneys, private sector executives and SEC officials, including the Chairman, Commissioners and senior staff, to provide and discuss essential updates on the current initiatives and priorities at the SEC.