Willkie advised American Family Insurance Group (“American Family”) in a new partnership with Gallatin Point Capital, whereby funds managed by Gallatin Point have acquired a majority stake in the attorney-in-fact for Trusted Resource Underwriters Exchange (“TRUE”), a reciprocal insurer established by American Family in 2020 to serve homeowners in storm-prone regions of Florida and other parts of the country.

In connection with the transaction, Gallatin Point is investing over $1.25 billion into TRUE, enabling it to provide additional underwriting capacity in Florida and to strategically expand its footprint nationally. American Family will remain a minority owner in the attorney-in-fact and continue providing distribution and client services such as claims handling and call center support.

Closing was announced on January 2, 2024.

American Family Insurance Group is the nation’s 12th-largest property/casualty insurance group, ranking No. 301 on the Fortune 500 list. The American Family Insurance Group also includes CONNECT, powered by American Family Insurance, The General, Homesite and Main Street America Insurance.

The Willkie team was led by partners David Luce, Laura Delanoy, David Heales and Allison Tam and included partners Spencer Simon, Jordan Messinger and Vadim Mahmoudov, and associates Christian Truman, Kristin Barry, Melissa Khajaei, Sherrone Torres, Daniel Iverson, Shay Moyal, Andrew O’Conner and Dana Lake.