Financial Services and Insurance

Cravath represented AerCap Holdings N.V. in connection with its $2 billion registered secondary offering of ordinary shares by the selling shareholder GE Capital US Holdings, a wholly owned subsidiary of General Electric. AerCap Holdings N.V. is the world’s largest independent aircraft leasing company. The transaction closed on November 16, 2023.

Cravath represented the managers in connection with the €2 billion fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. This offering was issued under JPMorgan Chase & Co.’s $65 billion Euro medium‑term note program. The transaction closed on November 13, 2023.

On November 9, 2023, Altus Group Limited (“Altus Group”), a leading provider of asset and fund intelligence for commercial restate, announced it has signed a definitive agreement to acquire the commercial real estate valuation and advisory services business of Situs Group LLC (a SitusAMC Company) for $225 million in cash. Cravath is representing Altus Group in connection with the transaction.

Cravath represented the underwriters in connection with the $2 billion registered fixed‑to‑floating rate green notes and $5.25 billion registered fixed-to-floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on October 23, 2023.

On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.

On November 9, 2023, Cravath partner D. Scott Bennett spoke at The Wharton School of the University of Pennsylvania’s FinTech Lecture Series, which hosts guest lectures by speakers on the forefront of financial technology. Scott delivered a lecture with associate Daniel M. Barabander entitled “Are Digital Assets ‘Securities’ and Why does it Matter?,” which covered the existing regulatory uncertainty in the United States regarding the applicability of U.S. securities laws to digital assets and businesses that issue or trade digital assets.

On November 20, 2023, Cravath published an executive summary‑style alert for its clients, with insights and reflections on the procedural guidance that the Financial Stability Oversight Council (“FSOC”) recently finalized for designating nonbank financial companies as “systemically important financial institutions” (“SIFIs”).

On November 14, 2023, Cravath partner Elad Roisman participated in Carta’s inaugural CFO Symposium in St. Helena, CA. The event convened CFOs in venture funds across the U.S. to discuss the state of venture capital, the impending regulations to the private markets and insights from leading financial thinkers in venture capital. Elad was featured in a fireside chat entitled “View from the Hill: Regulatory Updates & Impact on VC,” which reviewed the shifting SEC regulatory posture toward venture capital.

On November 17, 2023, Cravath partner Jelena McWilliams participated in The Clearing House’s 2023 Annual Conference in New York. The event convened senior financial services executives, regulators, policymakers and academics to discuss the evolving banking and payments landscapes and the shifting policy environment for banks. Jelena spoke on a panel entitled “Banking in the New Monetary Order: Adapting Business Models and Balance Sheets to the New Policy Environment and Payments Innovations,” which reviewed how regulation is changing in response to the exit from years of near‑zero interest rates and impacts from online banking apps, social media, new forms of payment and other innovations.

Cravath partners David J. Kappos, D. Scott Bennett, Michael E. Mariani, Sasha Rosenthal‑Larrea, Arvind Ravichandran and Ryan J. Patrone co‑authored a chapter on the current state of laws and regulations applicable to blockchain in the U.S. for The Legal 500’s “Blockchain Country Comparative Guide,” which was published in November 2023. The chapter discussed the market sectors in which blockchain and other distributed ledger technologies are being adopted and reviewed recent regulatory guidance and enforcement actions in the space.