Magic circle UK firm Clifford Chance has hired insurance and regulatory partner Frank Monaco from Mayer Brown to boost its US insurance practice.

Monaco, who was co-head of the M&A and private equity team within Mayer Brown's insurance industry group, joins in New York with a track record advising insurers, reinsurers and financial institutions on a range of insurance M&A transactions and regulatory matters.

Ashley Prebble, global head of insurance at Clifford Chance, said: “The US is the world’s largest insurance market… Frank’s arrival further boosts our recent expansion in the US insurance space and reflects a commitment to provide a top-tier service on insurance transactional work.”

Monaco spent just over seven years as a partner at Mayer Brown, having previously spent four years at Hogan Lovells and around 16 years at defunct firm Dewey & LeBoeuf, where he started his career in 1996.

His arrival is the latest addition to Clifford Chance’s US insurance ranks. In September, the firm hired Dennis Manfredi from Sidley Austin to co-head the insurance practice alongside Joseph Cosentino. It also hired insurance regulatory counsel Eugene Benger from Debevoise & Plimpton, as well as several insurance associates.

Clifford Chance is ranked as a Band 1 firm for non-contentious insurance by the Chambers and Partners legal directory's global guide alongside New York rival Debevoise & Plimpton and UK insurance giant Clyde & Co. That provides the rationale for the hire as the UK firm addresses the daunting task of growing its US practice to reflect its global strengths.

Manfredi said: “Frank’s broad transactional capabilities and extensive regulatory knowledge and his deep experience in the industry advances our already robust practice to another level of sophistication. As the market faces rapidly changing dynamics and ever-increasing scrutiny, we continue to expand our capabilities to help our clients with the unprecedented challenges they’re facing.”

In May, global antitrust co-chair Sharis Arnold Pozen will take over as regional managing partner for the Americas with a brief to continue growing Clifford Chance's US platform, a stated ambition of all four global Magic Circle UK law firms as they seek to raise their profitabilty by tapping into the lucrative US market. 

Americas revenue for the 2021/2 financial year rose by 5.3% to £259m, accounting for just 15% of the firm's global revenue.