Nicholas A. Secara
Special Counsel
Nicholas Secara has spent his entire legal career in the (re)insurance industry, where he provides clients with practical, business-friendly advice, helping them to navigate the complex and ever-evolving (re)insurance landscape. Clients rely on Nick for clear guidance when acquiring and selling (re)insurance companies and producers. Clients also depend on Nick to represent them before state insurance regulatory bodies and to guide them in the development of new and novel insurance products and distribution models.
Nick is a special counsel in the firm’s Insurance Practice Group and Health Care & Life Sciences Sector. He represents investors, start-ups, (re)insurers, MGAs, TPAs, and other insurance industry producers and participants in transactional, regulatory, and commercial matters. Nick counsels his clients across all lines of business, with a focus on L&H and specialty P&C, and often serves as outside general counsel.
Prior to joining Foley, Nick served as Deputy General Counsel for a global specialty risk assumption organization. He was integral to launching and rapidly scaling its North American platform, which included multiple insurance (admitted and surplus lines) and reinsurance companies; an MGU; a diverse specialty program business portfolio; surety and WC platforms; and a Lloyd’s coverholder. Earlier in his career, Nick spent seven years at leading international law firms, where he represented (re)insurance clients in various transactional and regulatory matters, as well as in high-value coverage and commercial arbitrations and litigations. He also advised on cutting-edge FinTech/InsurTech matters involving blockchain and digital asset development.
Representative Experience
- Represented a private equity firm in its strategic minority investment in a tech-enabled insurance distribution platform focused on serving niche insurance markets.
- Advised a leading specialty insurance provider in its acquisition of a portfolio of MGA and service companies primarily serving the medical stop loss and managed care markets.
- Counseling one of the nation’s largest personal lines and commercial insurance brokers, handling significant roll-up transactions, including several acquisitions with an enterprise value of approximately US$1bn each.
- Represented a private equity firm in its acquisition of an MGA that managed a diverse portfolio of specialty P&C business, including various niche programs, a risk purchasing group, and a Lloyd’s coverholder.
- While in-house, 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.*
- While in-house, 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.*
- Represented insurance carriers and producers before state insurance regulators in financial examinations, licensure applications, and various Insurance Holding Company Act filings.
- Represented commercial, mutual, and captive (re)insurers in arbitrations and advised on coverage issues involving first- and third-party claims for CAT losses exceeding US$1bn that resulted from war and terrorism, pipeline failures, and mining disasters.
*Matter handled prior to joining Foley.
Awards and Recognition
- New York Metro Rising Stars, Super Lawyers, 2022
- Certificate of Recognition, Pro Bono, New York State Bar Association, 2018
Affiliations
- Co-founder and Advisory Council Member, Insurance Federation of New York, Inc., Emerging Leaders
- Member, Insurance Law Committee for the New York Bar Association
- Executive Officer, U.S. Reinsurance Under 40s Group, Inc.
Presentations and Publications
- “Hacking Cyber Risk: Emerging Issues and Trends,” Insurance Federation of New York, New York, NY (March 1, 2023)
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.