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Industries

Financial Services and Insurance

Financial Services and Insurance

Cravath has been a leading advisor to a broad array of financial institutions, insurers and reinsurers for decades, including in some of the largest and most important transactions and cases in recent history. Our clients include commercial banks, including both U.S. and non-U.S. money‑center banks and large U.S. regional banks, investment banks, broker‑dealers, non‑traditional lending sources, fintech companies and non-bank firms, private equity funds, hedge funds, asset managers and investment advisors. We also represent diversified insurance and related financial services companies and leaders in the property and casualty insurance and reinsurance markets.

Our transactional capabilities include representing these clients, or their boards of directors, in connection with mergers, acquisitions, divestitures, spin-offs, regulatory matters, bank financings and capital market activities. Over the years, we have advised on groundbreaking deals employing first-use structures, handled critical transactions and assisted companies in navigating some of the most significant financial crises and post-crisis matters in this sector.

Our litigators routinely tackle the largest and most significant cases in the industry, representing financial institutions (or their outside directors or special committees) in securities class actions—including serving as nationwide coordinating counsel—antitrust class actions, RICO class actions, mergers & acquisitions litigation, bankruptcy litigation and shareholder derivative actions, as well as litigation arising under the Alien Tort Statute and matters involving non-U.S. law. Our litigators handle matters at the trial and appellate levels, in arbitrations and before government and regulatory bodies. In addition, our investigations team is a trusted advisor to financial institutions, their boards of directors and their senior executives regarding internal and government investigations, regulatory enforcement proceedings and white collar criminal defense matters involving the full range of corporate crises.

Our transactional capabilities include representing these clients, or their boards of directors, in connection with mergers, acquisitions, divestitures, spin-offs, regulatory matters, bank financings and capital market activities. Over the years, we have advised on groundbreaking deals employing first-use structures, handled critical transactions and assisted companies in navigating some of the most significant financial crises and post-crisis matters in this sector.

Our litigators routinely tackle the largest and most significant cases in the industry, representing financial institutions (or their outside directors or special committees) in securities class actions—including serving as nationwide coordinating counsel—antitrust class actions, RICO class actions, mergers & acquisitions litigation, bankruptcy litigation and shareholder derivative actions, as well as litigation arising under the Alien Tort Statute and matters involving non-U.S. law. Our litigators handle matters at the trial and appellate levels, in arbitrations and before government and regulatory bodies. In addition, our investigations team is a trusted advisor to financial institutions, their boards of directors and their senior executives regarding internal and government investigations, regulatory enforcement proceedings and white collar criminal defense matters involving the full range of corporate crises.

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

October 03, 2025

White Mountains’ $1.75 Billion Sale of Bamboo to CVC

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

Deals & Cases

October 01, 2025

TXSE Group Secures SEC Approval of Texas Stock Exchange

On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter. 

Deals & Cases

September 30, 2025

Future Standard’s Acquisition of Post Road Group’s Digital Infrastructure Platform

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

Deals & Cases

September 25, 2025

Webster Financial Corporation’s Fixed Rate Reset Subordinated Notes Offering

Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.

Deals & Cases

September 22, 2025

Jefferies and SMBC Group’s Significant Expansion of Global Strategic Alliance

On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.

Activities

October 07, 2025

Elad Roisman Speaks at Fordham Law’s 2025 Blockchain Regulatory Symposium

On October 6, 2025, Cravath partner Elad Roisman participated in the 2025 Blockchain Regulatory Symposium, hosted by Fordham Law School in New York City. The symposium provided a platform for discussions on a range of topics, including the tension between innovation and regulation in the U.S. and globally. Elad spoke on a panel entitled “Wall Street Meets Crypto... on Wall Street,” which brought together leading corporate, capital markets and M&A practitioners to discuss key considerations as crypto companies begin transitioning from private market launchpads to public markets and what comes next.

Activities

October 06, 2025

Ben Joseloff Delivers Guest Lecture on CFIUS and U.S. Investment Security Policy at New York University School of Law

On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.

Publications

September 29, 2025

Bloomberg Tax Publishes Tax Management Portfolio on U.S. Private Equity Fund Taxation by Chris Fargo, Arvind Ravichandran and Andrew Davis 

On September 15, 2025, Bloomberg Tax published “Private Equity Funds,” a Tax Management Portfolio by Cravath partners Christopher K. Fargo, Arvind Ravichandran and Andrew T. Davis that addresses material tax issues faced by private equity funds. The flagship treatise provides in‑depth, clear and commercial guidance on a variety of topics, including fund formation, private equity M&A, structuring of special investments and addressing the needs of special cases of investors, such as tax‑exempts, sovereign wealth funds and foreign investors.

Activities

September 22, 2025

Elad Roisman Moderates Panel at SEC’s Roundtable on Trade‑Through Prohibitions

On September 18, 2025, Cravath partner Elad Roisman participated in the SEC’s roundtable on the SEC’s trade‑through rule at the agency’s headquarters in Washington, D.C. The roundtable was meant to aid the SEC in understanding the role the rule has had in shaping today’s markets and inform the Commission in its future decisions including rulemakings. The panelists included representatives from the equity and options markets such as brokers, exchanges, asset managers as well as others. Elad moderated the panel entitled “Forward Thinking,” where panelists discussed what if any changes are needed to the rule and what would be the repercussions for any changes.

Activities

September 19, 2025

Financial Times Recognizes Cravath with “Innovative Lawyers in Dealmaking” Award at Innovative Lawyer Europe Awards 2025

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

Deals & Cases

October 03, 2025

White Mountains’ $1.75 Billion Sale of Bamboo to CVC

On October 3, 2025, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda-domiciled financial services holding company, announced that it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners (“CVC”) in a transaction that values Bamboo at $1.75 billion. White Mountains expects the transaction will result in a gain of approximately $310 to its book value per share and net cash proceeds of approximately $840 million. White Mountains will retain an approximately 15% fully-diluted equity stake in Bamboo post-closing, valued at $250 million based on the transaction. Cravath is representing White Mountains and Bamboo in connection with the transaction.

Deals & Cases

October 01, 2025

TXSE Group Secures SEC Approval of Texas Stock Exchange

On September 30, 2025, TXSE Group Inc (“TXSE Group”) announced that the U.S. Securities and Exchange Commission (“SEC”) has formally approved the Texas Stock Exchange’s Form 1 registration to operate as a national securities exchange. Cravath represented TXSE Group in connection with this matter. 

Deals & Cases

September 30, 2025

Future Standard’s Acquisition of Post Road Group’s Digital Infrastructure Platform

On September 30, 2025, Future Standard, a global alternative asset manager, announced it has entered into an agreement to acquire the Digital Infrastructure platform of Post Road Group, an alternative investment advisory firm. The platform specializes in credit and structured equity investments across digital infrastructure assets, including data centers, fiber networks and cloud connectivity. Cravath is representing Future Standard in connection with the transaction.

Deals & Cases

September 25, 2025

Webster Financial Corporation’s Fixed Rate Reset Subordinated Notes Offering

Cravath represented the underwriters in connection with the $350 million fixed rate reset subordinated notes offering of Webster Financial Corporation, a bank holding company of Webster Bank, a commercial bank with a national bank charter focused on providing financial products and services to businesses, individuals and families. The transaction closed on September 11, 2025.

Deals & Cases

September 22, 2025

Jefferies and SMBC Group’s Significant Expansion of Global Strategic Alliance

On September 19, 2025, Jefferies Financial Group, Inc. (“Jefferies”) and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation and SMBC Nikko Securities Inc. (collectively, “SMBC Group”) announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.

Activities

October 07, 2025

Elad Roisman Speaks at Fordham Law’s 2025 Blockchain Regulatory Symposium

On October 6, 2025, Cravath partner Elad Roisman participated in the 2025 Blockchain Regulatory Symposium, hosted by Fordham Law School in New York City. The symposium provided a platform for discussions on a range of topics, including the tension between innovation and regulation in the U.S. and globally. Elad spoke on a panel entitled “Wall Street Meets Crypto... on Wall Street,” which brought together leading corporate, capital markets and M&A practitioners to discuss key considerations as crypto companies begin transitioning from private market launchpads to public markets and what comes next.

Activities

October 06, 2025

Ben Joseloff Delivers Guest Lecture on CFIUS and U.S. Investment Security Policy at New York University School of Law

On September 30, 2025, Cravath partner Benjamin G. Joseloff delivered a guest lecture at New York University School of Law on the Committee on Foreign Investment in the United States (“CFIUS”) and U.S. investment security policy during a course entitled “Sovereign Finance, Capital Markets and Global Regulatory Challenges Seminar,” which provides a comprehensive overview of sovereign wealth funds, their role as long-term investors after the 2008 financial crisis and the intersection of sovereign finance with global politics and economic integration. The course also examines the growing influence of these funds in alternative investments and the legal, regulatory and geopolitical challenges that arise from their expanding presence in the global market.

Publications

September 29, 2025

Bloomberg Tax Publishes Tax Management Portfolio on U.S. Private Equity Fund Taxation by Chris Fargo, Arvind Ravichandran and Andrew Davis 

On September 15, 2025, Bloomberg Tax published “Private Equity Funds,” a Tax Management Portfolio by Cravath partners Christopher K. Fargo, Arvind Ravichandran and Andrew T. Davis that addresses material tax issues faced by private equity funds. The flagship treatise provides in‑depth, clear and commercial guidance on a variety of topics, including fund formation, private equity M&A, structuring of special investments and addressing the needs of special cases of investors, such as tax‑exempts, sovereign wealth funds and foreign investors.

Activities

September 22, 2025

Elad Roisman Moderates Panel at SEC’s Roundtable on Trade‑Through Prohibitions

On September 18, 2025, Cravath partner Elad Roisman participated in the SEC’s roundtable on the SEC’s trade‑through rule at the agency’s headquarters in Washington, D.C. The roundtable was meant to aid the SEC in understanding the role the rule has had in shaping today’s markets and inform the Commission in its future decisions including rulemakings. The panelists included representatives from the equity and options markets such as brokers, exchanges, asset managers as well as others. Elad moderated the panel entitled “Forward Thinking,” where panelists discussed what if any changes are needed to the rule and what would be the repercussions for any changes.

Activities

September 19, 2025

Financial Times Recognizes Cravath with “Innovative Lawyers in Dealmaking” Award at Innovative Lawyer Europe Awards 2025

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

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