Alice T. Kane
Partner

Duane Morris LLP
1540 Broadway
New York, NY 10036-4086
USA

Phone: +1 212 692 1008
Fax: +1 212 208 4474
Email: ATKane@duanemorris.com

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Alice T. Kane

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Alice T. Kane practices in the area of insurance law and has extensive experience in both the legal and business aspects of the insurance industry. Ms. Kane counsels insurers and other participants in the insurance sector on a wide range of regulatory and transactional matters. Ms. Kane advises property and casualty, life and health insurance clients.

Ms. Kane has served as the Group General Counsel at two Fortune 100 insurers, Zurich Insurance Group and New York Life Insurance Company. In both roles she led in-house and outside counsel teams in connection with domestic and multinational M&A transactions, settled major government and insurance department investigations, spearheaded the successful resolution of SEC enforcement actions and managed other regulatory and governance matters.

Ms. Kane has extensive experience assisting clients with governance, licensing, financial and market conduct examination and Insurance Holding Company Act matters. Ms. Kane lead the internal and external legal teams defending insurance industry investigations and regulatory enforcement actions in a variety of matters, including broker compensation practices, finite risk reinsurance, rating practices and insurance sales and marketing practices. Ms. Kane regularly attends meetings of the International Association of Insurance Supervisors, the National Association of Insurance Commissioners and various insurance industry trade associations and actively monitors emerging issues in U.S. domestic and international regulation of insurance. Most recently, she has focused on U.S. healthcare reform, representing clients before the Center for Consumer Information and Insurance Oversight, the federal division of the Department of Health and Human Services charged with nationwide implementation of the Affordable Care Act.

Ms. Kane's business experience extends to asset management with regard to both institutional and retail organizations. As Executive Vice President in charge of Asset Management for New York Life, and as President of the Mutual Fund Business for American General's Variable Life and Annuity Division, Ms. Kane was responsible for the day-to-day operations of asset management divisions of nationally recognized insurers. She also grew and transformed the Mainstay mutual funds business for New York Life. Ms. Kane also founded a woman- and minority-owned institutional asset management business, Blaylock Asset Management.

Ms. Kane is a graduate of New York University School of Law, Manhattanville College, and attended the Harvard Business School Executive Program.

Representative Matters

    Property and Casualty

  • Led the bid-rigging and finite reinsurance regulatory investigations, class actions and settlements—the three state—Spitzer $153 million regulatory settlement and the $171 million multistate AG, DOI and class action settlement led by Texas, California, Illinois and Pennsylvania.
  • Served as catalyst of the New York Insurance Department industry meeting, which led to the settlement of the World Trade Center terrorist attacks coverage litigation.
  • Settled the Converium class action litigation relating to adequacy of reserves post- IPO.
  • Acquired AIG direct auto insurance company for the Farmers' Insurance Exchanges, the first asset sale after the financial crisis. Obtained nationwide insurance department regulatory approval on an expedited basis.
  • Life and Health Insurance

  • As General Counsel of New York Life, Member of Executive Management Committee and Secretary of the Board, Ms. Kane structured and led the life insurance industry-wide settlements for vanishing premium with state Attorneys General and departments of insurance investigations and class action.
  • Led the international legal and accounting team responding to a pre-FSA regulatory action that closed New York Life's U.K. subsidiary; created a compliance and review structure for tied agents in a matter of weeks, resulting in the company's reopening with no fine or further regulatory action.
  • Led the IPO of Express Scripts when spun off from New York Life's HMO business.
  • Asset Management

  • Settled SEC market timing investigation
  • Built a $250M women and minority owned institutional asset management business
  • Implemented best-in-class selection and monitoring process compliance and investment process and performance review
  • Obtained SEC, Investment Management Division approval for a $3B substitution of branded non-proprietary mutual funds to sub-advised funds, based on an independent selection and monitoring process.

Areas of Practice

  • Insurance Law
  • Mergers and Acquisitions
  • Internal Investigations and Governance
  • Securities Law
  • Asset Management

Admissions

  • New York

Professional Activities

  • National Association of Securities Dealers
    - Governor, 1993-1997
    - Selected for the Special Committee to oversee the market maker investigation and appoint independent examiner
  • American Council of Life Insurance Companies
    - Former Legal Section Head
  • Association of Life Insurance Council
    - Former member of the Board of Directors

Honors and Awards

  • Listed as a New York Metro Area Super Lawyer

Board Memberships

  • Corinthian Colleges
    - Director, 2005-present
  • Guess?, Inc.
    - Director, 1998-2010
  • Global Crossing
    - Director, 2002-2004
    - Supervised Securities Exchange Act 10A independent investigation as a member of the Special Committee appointed by the Board. The 10A Committee Report was accepted by the SEC and no further regulatory action was taken against the company.
  • PENSCO
    - Board Member, 2012-present

Selected Publications