March 10, 2011, New York, NY – Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles and Miami, announced that Michael J. Moriarty will join the firm as an Insurance Finance Consultant in New York, effective March 7, 2011.
Most recently the Deputy Superintendent for Property and Capital Markets in the New York State Insurance Department, Mr. Moriarty will be employed as a non-lawyer professional by Stroock and will assist on a wide range of regulatory matters and insurance-related transactions, including financings, mergers and acquisitions, run-offs and restructurings.
As Deputy Superintendent, Mr. Moriarty was responsible for overseeing the licensing, examination and regulation of all property-casualty insurers and related entities, as well as the capital markets and risk management activities of insurance companies. His oversight included the regulation of captive insurance companies in New York.
“We are pleased that Michael has chosen Stroock to begin the next phase of a remarkable career,” said William Latza, head of Stroock’s insurance regulatory practice. “I know that his energy, intellect and creativity will complement those of our other former insurance department officials, and will serve our clients well.”
Mr. Moriarty held increasingly senior positions during a 30-year career with the Insurance Department. He was instrumental in developing initiatives to enhance the financial solvency oversight of licensed insurers in New York, including accelerating the trend toward reliance on risk-based analyses/examinations and coordinating the Department’s policy on investments, derivatives and insurance securitization.
Mr. Moriarty said of Stroock, “I have long had the highest regard for the firm, which has a well-earned reputation for excellence throughout the insurance industry, and I look forward to working with them as colleagues.”
Before serving as the first Chief Examiner of the Capital Markets Bureau in 2000, Mr. Moriarty was Assistant Chief Examiner within the Financial Regulation Division of the Insurance Department’s Property Bureau. In that position, he coordinated the activities of six units responsible for the in-house financial supervision of more than 800 property or casualty insurance companies.
Mr. Moriarty is the 2005 recipient of the National Association of Insurance Commissioners (NAIC) Robert Dineen Award for Outstanding Service and Contribution to the State Regulation of Insurance.
He represented the NAIC as chair on its Valuation of Securities Task Force, as well as its Risk Assessment Working Group, where he led the development and adoption of a risk-focused framework that changed the way states examine financial solvency of insurers. Mr. Moriarty received a Bachelor of Science Degree in accounting from the City University of New York in 1979.
“Michael’s extensive New York and national insurance experience will be an invaluable asset across various firm practice areas” said Stroock’s Co-Managing Partner Alan Klinger.
He joins a number of regulation experts at Stroock including Latza and consultants Vincent Laurenzano and Charles Henricks, and will consult in various firm practice groups, including Insurance, Government Relations and Corporate.
Stroock & Stroock & Lavan LLP is a law firm providing transactional and litigation guidance to leading multinational corporations, investment banks and private equity firms in the U.S. and abroad. Stroock’s emphasis on client service and innovation has made it one of the nation’s leading law firms for over 130 years. Stroock’s practice areas include capital markets/securities, commercial finance, mergers and acquisitions and joint ventures, private equity, private funds, derivatives and commodities, employment law and benefits, energy and project finance, entertainment, environmental law, financial restructuring, financial services litigation, insurance, intellectual property, investment management, litigation, personal client services, real estate, structured finance and tax. For more information, please visit Stroock’s website at www.stroock.com.