Patrick D. Hughes, a former senior regulator with the State of Illinois, has joined Faegre Baker Daniels’ insurance industry team as a partner in the firm’s Washington, D.C. office.
Hughes focuses on federal, state and international regulatory, insolvency and public policy matters. His expertise includes Dodd-Frank compliance, receiverships, resolution plans and international insurance regulation.
“Pat is a top-notch insurance professional with whom we’ve worked closely over the years,” said Charlie Richardson, partner and leader of FaegreBD’s financial services industry team. “He is well-respected in the industry, and his experience matches our continued focus on federal and international regulation. He is an outstanding asset to our team and clients.”
“Pat’s legal and public policy know-how, along with his dedication to excellence in client service, make him a powerful addition to our team,” said Dick Freije, partner and insurance practice leader. “His onboarding shows our commitment to continued growth of our financial services offerings in D.C.”
Previously, Hughes led the U.S. insurance regulatory practice and co-led the international insurance regulatory services team for a global consulting firm. He advised insurance companies and other regulated entities, as well as insurance regulators by addressing complex, unique regulatory needs. His practice also concentrated on international standard setting, regulating risk management, resolution planning and other emerging issues.
With the State of Illinois, Hughes was the Special Deputy Receiver and CEO with the Office of the Special Deputy Receiver (OSD), administering the receiverships of 47 companies in liquidation, rehabilitation and conservation, managing more than $1 billion in cash and invested assets. He also led business transformations in productivity, financial reporting and technology — and oversaw record creditor distributions, estate closings and productivity achievements.
Before OSD, Hughes worked with the State of Illinois in various senior regulatory positions, including chief legal counsel to the Office of the Governor, where he directed the legal affairs of 45 executive branch agencies and several hundred attorneys and outside counsel. He also was general counsel to the Department of Financial and Professional Regulation, which then included the Division of Insurance. Before that, Hughes was a practicing attorney in commercial transactions at Mayer Brown.
Hughes graduated from Georgetown University in 1987 and DePaul University College of Law with honors in 1992.