Thomas R. Hrdlick

Partner

Overview

Tom Hrdlick is a partner and insurance and reinsurance attorney with Foley & Lardner LLP. Mr. Hrdlick's practice is concentrated in the fields of corporate and regulatory insurance and reinsurance law, with a particular emphasis on transactional work within the insurance and reinsurance industries and reinsurance runoff management. He is a former co-chair of the firm's Insurance & Reinsurance Industry Team. Mr. Hrdlick is also a member of the firm's Health Care Industry Team due to his experience working with health insurers.  

Mr. Hrdlick represents insurance and reinsurance companies and other industry players in a variety of transactions and corporate restructurings, including reinsurance wordings, reinsurance affiliations, loss portfolio transfers, public and private company mergers, stock acquisitions, initial and secondary public offerings, private placements, shell transactions, for-profit conversions, demutualizations, mutual holding company (MHC) conversions, redomestications, and managing general agent (MGA) programs and related program business agreements. Mr. Hrdlick also counsels such entities with respect to their regulatory affairs and filings related to such transactions, including their dealings with state insurance departments and matters involving federal agencies such as the SEC, FTC, Treasury, and OFAC.

Mr. Hrdlick also counsels insurers and reinsurers – both domestic and international – with respect to US state and federal regulatory issues impacting their business generally. For example, he counsels health insurers on regulatory issues arising under the Affordable Care Act. He counsels domestic and international insurers on surplus lines regulations in the US, state market conduct examinations and related issues, policy wordings and filings, statutory accounting issues, federal and state antitrust issues, e-sign and other e-business issues, and issues related to compliance with OFAC and other US trade restrictions. Mr. Hrdlick also counsels international reinsurers on regulatory developments in the US market that may impact their US assumed business, including US credit-for-reinsurance and collateral requirements.

A significant component of Mr. Hrdlick's practice also involves reinsurance transactions in the context of run-off books of business, including the management of complex reinsurance runoff issues and disputes. Mr. Hrdlick has counseled cedents and reinsurers in connection with highly sophisticated reinsurance disputes and arbitrations, reinsurance commutations, and reinsurance settlements/restructurings involving hundreds of millions of dollars of reinsurance receivables.

Prior to joining Foley, Mr. Hrdlick was a senior law clerk to the Hon. Rudolph T. Randa, United States District Court Judge for the Eastern District of Wisconsin.

Firm Leadership

Mr. Hrdlick served as co-chair of the firm’s Insurance & Reinsurance Industry Team, in which role he led and directed a team of roughly forty (40) Foley lawyers dedicated to providing sophisticated and cutting edge legal services to insurers and reinsurers, supporting all aspects of their operations.

Recognition

In 2011-2016, The Legal 500 recognized Mr. Hrdlick for his work in the insurance and reinsurance industries. He has also been selected by his peers for inclusion in The Best Lawyers in America© in the area of insurance law since 2015.

Education

Mr. Hrdlick is a 1988 graduate of Georgetown University Law Center and a 1985 graduate of Marquette University with a B.A. in political science.

Admissions

He is admitted to practice in Wisconsin and in the United States District Court, Eastern and Western Districts of Wisconsin.

Professional Memberships and Affiliations

A member of the American Bar Association (Business Law Section) and the State Bar of Wisconsin, Mr. Hrdlick also is a past president and former member of the board of governors for the St. Thomas More Lawyers Society in Wisconsin and currently serves as chairman of the Wisconsin advisory board for the Arthritis Foundation, Upper Midwest Region.

Representative Matters

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Counseled a UK-based international insurance company in respect of the comprehensive regulatory requirements that would need to be met in each of 51 U.S. jurisdictions for purposes of engaging in the surplus lines markets in those jurisdictions.
Served as lead outside deal and regulatory counsel for Kemper, Inc. in its acquisition of Direct Response Corporation and its many insurance company subsidiaries. Foley took the lead in drafting and negotiating both the definitive and all ancillary agreements, as well as preparing all federal and state insurance regulatory filings and obtaining all federal and state insurance regulatory approvals that were the buyer’s responsibility in the transaction. Foley also handled the closing of the transaction. The deal required regulatory approvals from the state insurance departments in New York, Connecticut, California and Washington, as well as federal HSR filings.
Represented a regional "mini-med" health insurer on the implications and issues for the mini-med industry arising under the Affordable Care Act and in seeking a waiver from the annual limit restrictions applicable to health insurers. Also represented insurer in developing health insurance products that do not violate the requirements and/or proscriptions of the Affordable Care Act.