Clifford Chance sees further US exits as insurance co-heads join Simpson Thacher

Clifford Chance has lost two more senior partners from its US practice after Simpson Thacher announced the hire of New York-based Dennis Manfredi and Joseph Cosentino, co-heads of the firm’s US insurance practice.

The pair are joined by Benjamin Kralstein, who will arrive from Mayer Brown.

Manfredi joined Clifford Chance from Sidley in 2022, while Cosentino moved from Greenberg Traurig in 2017.

Latest departures

The hires are the latest departures from Clifford Chance's US practice.

Last week, Sidley recruited a five-partner structured finance and tax team from the firm, including former US global financial markets co-chair Lee Askenazi.

Earlier this year, Sidley also hired US funds partners Clifford Cone, Michael Sabin and Daniel Drabkin. Clifford Chance is now seeking to recover almost $5.8 million in profit distributions from Cone and Sabin under its partnership agreement, with the dispute currently before the New York courts.

Simpson Thacher has also been active in hiring from Clifford Chance, adding Houston energy and infrastructure partner Victoria Salem in April.

Insurance focus

Manfredi and Cosentino specialise in insurance M&A and regulatory matters. Among their recent mandates at Clifford Chance, they advised Legal & General on the $2.3 billion sale of its US insurance businesses to Japanese life insurer Meiji Yasuda last year.

Simpson Thacher said the hires reflected growing client demand at the intersection of private equity and insurance, where asset managers and insurers are increasingly partnering on major transactions.

“Dennis, Joe and Ben have been at the center of some of the most significant transactions at the intersection of private equity and insurance, and their addition will be an asset to our sponsor clients,” said Alden Millard, chair of Simpson Thacher’s executive committee.