Benjamin J. Cordiano

Partner

Benjamin J. Cordiano counsels clients on a wide variety of matters in the financial services and insurance industries, including financings, financial services transactions, restructuring and insolvency, and insurance regulatory matters. A significant part of Ben’s practice focuses on insurance, reinsurance, and insurance insolvency matters, including insurance company and brokerage transactions, and financings, in both US and cross-border transactions. He regularly represents insurance regulators, insurance companies, investors, agencies, and underwriters in regulatory matters and insolvency and receivership proceedings. He also represents financial institutions in complex US and cross-border insolvencies and financial transactions, including workouts, creditors’ rights matters, and corporate reorganizations.

Connecticut Insurance Commissioner in his capacity as liquidator of HealthyCT, an Affordable Care Act Consumer Operated and Oriented Plan (CO-OP); the representation included the monetization of HealthyCT’s risk corridors receivable from the US government, in one of the first transactions of its kind, and the litigation of risk corridors claims against the US government, which resulted in a stipulated judgment in favor of HealthyCT
OMERS Ventures in the Series A financing of Joyn Insurance, an insurance technology company offering a unique underwriting and workflow platform in the excess and surplus lines (E&S) space
A group of major health insurers in the rehabilitation proceedings of Senior Health Insurance Company of Pennsylvania
Oregon Health Authority, Oregon Department of Consumer and Business Services, and Oregon Department of Justice in connection with the development and implementation of administrative rules governing the Health Care Market Oversight Program
OMERS Ventures in the Series B financing of Foresight Group, an insurance technology company specializing in workplace safety
Board of directors of NORCAL Mutual Insurance Company in its sale to ProAssurance Corporation, which included the demutualization of NORCAL Mutual
OMERS Ventures in the Series D financing of Ladder Financial, a company that offers online, direct-to-consumer term life insurance
Bank of America in connection with its entry into multiple receivable purchase agreements with Elixir Insurance Company (formerly Envision Insurance Company), a subsidiary of Rite Aid Corp., under which Elixir sold its interest in Medicare Part D reconciliation payments
Windhaven Insurance Group in connection with liquidation proceedings and intercompany claims among its Florida and Texas insurance company subsidiaries and non–insurance company affiliates
Leading national health insurer in connection with the liquidation proceeding of Arches Mutual Insurance Company, an Affordable Care Act CO-OP
City National Rochdale in connection with the design, formation, and launch of a closed-end interval fund with a focus on insurance-linked securities
Institutional investors in connection with the amendment and restructuring of more than $150 million of secured notes as part of the merger of United Arab Shipping Company and Hapag-Lloyd, a public multinational transportation company registered in Germany; the combined company is the fifth-largest shipping company in the world, with 230 vessels and 1.6 million TEU of capacity
Nine health insurers, including four of the five largest publicly traded health insurance companies in the United States, in connection with the rehabilitation and liquidation proceedings of Penn Treaty Network America Insurance Company and its subsidiary American Network Insurance Company; obtained a favorable ruling from the Pennsylvania Supreme Court on a significant matter of first impression, In re Penn Treaty Network America Ins. Co., 284 A.3d 153 (Pa. 2022)
Multiple investment funds in connection with the purchase from California-based insurers of a significant amount of subrogation claims against Pacific Gas & Electric (PG&E) arising from payments the insurers made to wildfire victims; the transactions were among the first purchases of insurance subrogation claims against PG&E and involved complex state law issues around the insured made-whole rule, as well as insolvency and regulatory issues
Secured noteholders in the restructuring of a 55-MW biomass fueled electric generating facility, which was implemented through a state receivership proceeding and included the restructuring of more than $180 million of secured notes and the engagement of new operations and maintenance and asset management providers
WNC Insurance in its leveraged acquisition of Highland Insurance Solutions, a specialty insurance broker for lender-placed insurance programs, and related senior secured debt financing
Institutional investors in a $300 million private placement of senior notes issued by Corolla Trust and secured by a note issued by a subsidiary of Ambac Financial Group, Inc.
Tokio Marine Kiln Group, Ltd., a UK underwriter, in its strategic acquisition of a 49% interest in NAS Insurance Services, a Los Angeles–based market-leading provider of specialty insurance products
Bondholders in the out-of-court restructuring of nearly $300 million of secured debt in connection with the leveraged lease of Red Hills Generation Facility, a 440-MW electric generating facility in the southeastern United States
hhgregg, Inc., an appliance and electronics retailer, in its Chapter 11 bankruptcy proceeding
Aetna Life Insurance Co. in connection with its acquisition of a Medicare supplement business from Genworth through co-insurance and stock acquisition
Secured noteholders in the Lee Enterprises, Inc. Chapter 11 proceeding, in which nearly $1 billion of long-term debt was restructured through a prepackaged plan of reorganization
Ad hoc bondholder group in the corporate reorganization of Takefuji Corporation; the ad hoc group was one of the first ever to form and enforce its rights in a Japanese corporate reorganization proceeding
LFG Liquidation Trust created under the confirmed Chapter 11 plan of LandAmerica Financial Group; obtained a favorable settlement in litigation against former officers and directors
Worldwide bondholder group in the restructuring of two major Icelandic banks, Glitnir and Kaupthing; also advised more than 30 institutions in connection with all aspects of the claims filing process, including the filing of more than 1,000 claims

University of Connecticut School of Law, 2009, J.D., with highest honors
Boston College, 2004, B.S., Finance, magna cum laude

Connecticut
US District Court for the District of Connecticut

Listed, The Best Lawyers in America, Bankruptcy and Creditor Debtor Rights/Insolvency and Reorganization Law, Hartford (2023–2025)

Member, American College of Investment Counsel

Member, International Association of Insurance Receivers

Member, American Bar Association

Member, Connecticut Bar Association

Treasurer, Oliver Ellsworth Inn of Court (2012–2018)

Recipient, American Bankruptcy Institute Medal of Excellence

Lead Notes & Comments Editor, Connecticut Law Review (Volume 41)

Member, Beta Gamma Sigma