Overview
Nicholas Secara is a special counsel and insurance lawyer with Foley & Lardner LLP in New York. Nick represents (re)insurers, producers, TPAs and other industry participants, primarily in corporate, regulatory and transactional matters. He counsels all lines of business, with a focus on L&H and specialty P&C.
His clients receive practical, business-friendly advice, as prior to joining Foley Nick served as Deputy General Counsel, NA, for a global specialty risk assumption organization. Nick was integral to the launch and rapid growth of its NA platform, which includes a diverse portfolio of companies: multiple (re)insurance carriers (admitted and surplus lines) and MGUs; diverse portfolio/programs business; surety and WC platforms; and a Lloyd’s coverholder.
Earlier in his career, Nick spent seven years at leading international law firms, where he counseled (re)insurance clients on complex corporate, regulatory and transactional matters, as well as in high-value coverage and commercial disputes, and FinTech/InsurTech clients at the forefront of blockchain and digital asset development.
Representative Matters
- Counsel one of the nation’s leading independent distributors of L&H insurance products, advising on roll-up acquisitions.
- Acted as insurance counsel for a PE fund in its $350M acquisition of a P&C producer, advising on all insurance regulatory issues pertaining to its diverse business model that included varied programs, RPGs and a Lloyd’s coverholder.
- Launched and rapidly grew NA platform of a specialty P&C risk assumption organization, advising on corporate, regulatory and transactional matters for various lines of business.
- Advised internal Corporate Development Team on financial transactions, including minority investments, mergers and acquisitions and debt offerings.
- Negotiated myriad contracts to support internal Underwriting, Programs and IT/Ops Teams, including Inter-Company Agreements, Program Manager Agreements, Producer Agreements, Third-Party Administrator Agreements and Claims Services Agreements, as well as Binding Authority Agreements and Terms of Business Agreements with Lloyd’s Syndicates.
- Guided (re)insurance carriers, MGUs and producers across complex regulatory landscapes: facilitating expansion into foreign jurisdictions while addressing related Lloyd’s coverholder compliance concerns; counseling on producer-specific matters, including commission structures and appointments; and advising on cybersecurity events and evolving cybersecurity and data privacy regulations.
- Represented insurance carriers and producers before state insurance regulators in financial examinations, licensure applications and various Insurance Holding Company Act filings.
- Co-designed a first-of-its-kind cannabis program that offered PL, E&O and CGL coverage, advising on banking and insurance regulatory concerns, developing policy language and supporting its program-based distribution model.
- Helped design and launch new products and programs as well as online portals – both producer-oriented (supporting AI-driven underwriting and centralized policy distribution) and policyholder-oriented (offering risk-reduction tools and risk awareness educational platforms).
- Represented commercial, mutual and captive (re)insurers in arbitrations and advised on coverage issues involving first- and third-party claims for CAT losses (excess of $1B) caused by war and terrorism, pipeline failures and mining disasters.
- Delivered guidance for ICOs in offshore jurisdictions and counseled accelerators and exchanges on evolving digital asset regulations.
Publications
- “SEC’s Latest Declaration Creates Legal Minefield for Digital Assets,” Bitcoin Magazine (Nov. 20, 2018)
- “New Bermuda Legislation will Create a Novel Class of Bank to Service Fintech Companies,” Bitcoin Magazine (Aug. 22, 2018)
- “Bermuda is Quickly Gaining Favor as Jurisdiction of Choice for Digital Assets,” Bitcoin Magazine (July 19, 2018)
- “Blockchain Revolution,” Best’s Review (May 2018)
- “NFL Concussion Decision Could Change Liability Policies,” Insurance Journal (July 16, 2014)
- “Uncertain Clarity: Recent Developments in Class Certification Requirements,” Commercial Litigation Insider (Mar. 14, 2014)
- “As Concussion Cases Grow, Insurance is in Doubt,” Law360 (Feb. 7, 2014)
- “Strategic Intervention in Insurance Coverage Disputes,” New York Law Journal (Mar. 12, 2014)
- “As Concussion Cases Grow, Insurance is in Doubt,” Law360 (Feb. 7, 2014)
Speaking Engagements
- “Blockchain Technology: How is it Being Deployed by the Insurance Sector?,” ALM Webinar Series (Nov. 7, 2018)
- “Blockchain Technology,” Brokers & Reinsurance Markets Association Seminar, Philadelphia, PA (May 10, 2018)
- “Insurers Brace for Impact of Concussion Claims,” AM BestTV (Feb. 2016)
- “New York Insurance Law Section 3420(d)(2),” Westlaw Webinar Series (June 18, 2014)
Education
- Benjamin N. Cardozo School of Law (JD, 2011)
- Editor-in-Chief, Cardozo Journal of International & Comparative Law
- Middlebury College (BA, 2006)
Professional Affiliations
- Co-founder and Advisory Council Member, Insurance Federation of New York, Inc., Emerging Leaders
- Executive Officer, U.S. Reinsurance Under 40s Group, Inc.
Pro Bono
- Counseled immigrants seeking asylum who were detained at the U.S.-Mexico border, preparing them for credible fear interviews
- Advised a non-profit on matters of international law concerning the crime of genocide to facilitate peace negotiations between opposing forces in Sudan and recommending counterterrorism measures to implement in Tanzania.
Admissions
- New York
- New Jersey
- U.S. District Court, Southern District of New York
- U.S. District Court, Eastern District of New York
- U.S. District Court, District of New Jersey