Daniel W. Krane

Partner Philadelphia
daniel.krane dbr.com
Phone: (215) 988-2488
Fax: (215) 988-2757

About

Daniel W. Krane represents insurance, financial services and health care clients with corporate, transactional and regulatory matters.

Dan's insurance practice focuses on corporate, transactional and regulatory issues affecting insurance companies, insurance agencies, TPAs, Blue Cross/Blue Shield entities, reinsurers, captives, HMOs, PPOs, risk-assuming health provider networks, and various ventures that assume insurance risk. He has extensive experience in business formations, mergers and acquisitions, reorganizations, redomestications, holding company transactions, reinsurance transactions, product design and distribution, regulatory examinations and investigations and rehabilitation and insolvency proceedings. Dan has also represented insurance regulators in connection with various matters, including as outside counsel on complex insurance transactions.

His financial services practice centers on the interplay between insurance, banking and securities activities. Dan's clients include insurance conglomerates, financial institutions, private equity funds, issuers of variable life insurance and annuity products and various financial intermediaries. He has handled formation and operation of bank-owned insurance companies and agencies, creation of bank-agency and bank-insurer joint ventures, development of insurance company separate accounts, review of direct marketing programs, including Internet sales of financial and insurance products and establishment of compliance programs.

Dan has advised clients in health care transactions including formation and acquisition of health insurers, joint ventures, integrated delivery systems, risk-assuming provider networks, hospital-physician ventures and compliance. He has particular experience in the application of insurance laws to health care risk arrangements, including counseling healthcare systems in strategic issues relating to assuming insurance risk and forming or partnering with insurers.

Dan served as an adjunct faculty member at the Rutgers School of Law for an advanced insurance course. He has been active on committees and task forces involved with drafting insurance, financial services and health care laws, and frequently writes and lectures on these topics.

Experience

  • Enstar Group Limited in multiple collateralized reinsurance transactions, including a $1.1 billion deal to reinsure portfolios of Allianz Re's U.S. run-off business, a $357 million deal to reinsure all of the run-off workers’ compensation carve-out and occupational accident business of ReliaStar Life Insurance Company and its Canadian branch, and a $139.4 million deal to reinsure all of the run-off workers’ compensation carve-out and occupational accident business of Sun Life Assurance Company of Canada and its U.S. branch.
  • Pennsylvania Department of Insurance as special outside counsel in connection with a Form A change of control application seeking approval by Armour Group Holdings Limited to acquire four run-off insurers from OneBeacon Insurance Group Limited.
  • Pennsylvania Mutual Casualty Insurance Company in connection with a $100m collateralized reinsurance transaction covering lead paint risks
  • A large regional cooperative in connection with restructuring its self-funded and fully-insured ERISA insurance programs to ensure compliance with state insurance laws and related MEWA issues.
  • Enstar Group Limited and Stone Point Capital, a Connecticut-based private equity firm, in the $646 million acquisition of Torus Insurance Holdings Limited
  • Enstar Group Limited in multiple acquisitions, including the $218 million acquisition of Companion Property and Casualty Insurance Company, the $252 million acquisition of SeaBright Holdings, Inc. and the $181 million acquisition of Household Life Insurance Company of Delaware and HSBC Insurance Company of Delaware.
  • A super regional health care system in connection with forming a Medicare Advantage insurer and a strategic joint venture to partner with other health systems.
  • Various regional and super regional health care systems in connection with a wide array of risk-assuming ventures, including downstream assumption of risk arrangements and joint venture and fronting transactions with insurers.
  • Sussex Insurance Company in connection with certain reinsurance and collateral claims against the estate of Freestone Insurance Company in Liquidation.
  • Enstar Group Limited in connection with the $180m acquisition of a worker compensation block from the Reciprocal of America in Liquidation.
  • AIG in connection with it omnibus proof of claim in the Reliance Insurance Company in Liquidation
  • An insurance agency subsidiary of a publicly traded bank holding company in connection with 50-state insurance compliance issues
  • Enstar Group Limited and Stone Point Capital, a Connecticut-based private equity firm, in the $646 million acquisition of Torus Insurance Holdings Limited
  • A major car rental company in connection with structuring a program under which the rental car company offers auto liability coverage to auto rental customers and related regulatory matters, including producer licensing issues, drafting of limited lines producer licensing exceptions in a number of states, matters relating to licensing of ticket agents, compensation and contract wording
  • A large off-shore insurance conglomerate in connection with forming a captive US property and casualty agency and obtaining producer licensure on a 50-state basis, including intercompany agreements, Form D affiliated transaction filings and related regulatory issues
  • A large pet insurance managing general agency in connection with corporate, regulatory and transactions matters, including negotiating agreements with insurers and various types of subproducers and venture partners.

Credentials

Bar Admissions

  • New Jersey
  • Pennsylvania

Education

  • Pennsylvania State University, Dickinson School of Law, J.D., 1985, Dickinson Journal of International Law
  • Pennsylvania State University, B.A., 1981

Organizations

  • American Bar Association, Tort and Insurance Practice Section, Financial Services Integration Committee (Past Chair)
  • Pennsylvania Bar Association
  • New Jersey Bar Association, Health and Hospital Law Section, Financially Distressed Health Organizations Committee, Managed Care Committee
  • Philadelphia Bar Association, Business Section, Insurance Committee (Past Chair)
  • National Association of Insurance Commissioners
  • Rutgers School of Law, Adjunct Faculty Member for Advanced Insurance Course
  • Active in National Association of Insurance Commissioners– Presented before working groups and task forces on various topics
  • Active on various government agency committees and task forces involved with drafting insurance, financial services and health care laws – Frequently writes and lectures on these topics.
  • Insurance Industry Charitable Foundation, Philadelphia Chapter, Board of Directors
  • Chester Valley Golf Club, Board of Governors
  • Bear Creek Ski Race Team, Board of Directors