Experience

• Mergers & Acquisitions

  • Prudential Financial in the $11 billion reinsurance transaction of a portion of its guaranteed universal life block with Wilton Re, a provider of In Force and reinsurance solutions.
  • Clayton, Dubilier & Rice in its acquisition, together with Stone Point Capital, of Truist Insurance Holdings, a subsidiary of Truist Financial Corporation, at an enterprise value of $15.5 billion.
  • MassMutual in the formation of Martello Re, an off-shore structure designed to facilitate the writing of fixed annuities through flow reinsurance and a partnership with Centerbridge.
  • Prudential Financial in the formation of Prismic Life Reinsurance, a licensed Class E Bermuda-based life and annuity reinsurance company.
  • Swiss Re in a strategic partnership with Resolution Life in support of its transaction with Farmers New World Life Insurance Company.
  • Global Atlantic, a retirement and life insurance company, in the closing of its $2.4 billion Ivy II reinsurance co-investment vehicle.
  • KKR and Global Atlantic, a retirement and life insurance company, in their strategic partnership with Japan Post Insurance.
  • Fortitude Re, a Carlyle portfolio company, in its $28 billion reinsurance transaction with Lincoln Financial Group.
  • Carlyle in its $2.1 billion capital raise and equity investment in Fortitude Re and the formation of a strategic advisory services agreement.
  • Oaktree Capital Management, a leader among global investment managers specializing in alternative investments, in its acquisition of Velocity Risk, a catastrophe-focused property and specialty insurance risks managing general agent.
  • James River, an insurance holding company, in its $345.1 million loss portfolio transfer reinsurance transaction with Aleka Insurance, under which Aleka will reinsure all of James River’s commercial auto policies related to Uber’s ridesharing business.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its $9.4 billion reinsurance agreement with Lincoln Financial Group.
  • Prudential Financial in the sale of its retirement plan business to Empower for a total transaction value of $3.55 billion.
  • Global Atlantic, a retirement and life insurance company, in an $8 billion annuity reinsurance transaction between two of its insurance subsidiaries and Ameriprise Financial insurance subsidiaries.
  • Kilter Finance in its investment in Independent Group.
  • Carlyle as a lead investor in the $1 billion launch of Vantage Group, a new re/insurance entity and its wholly owned subsidiary, Vantage Risk, a new property catastrophe reinsurance provider.
  • GreyCastle in its sale to Monument Re, advising on the complex offshore UK / Bermuda life insurance structure. Debevoise also advised on the original establishment of GreyCastle.
  • Blackstone in its $2.7 billion sale of F&G to Fidelity National Financial.
  • Stone Point Capital in its acquisition of Safe-Guard.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its $1.25 billion acquisition of Voya Financial’s individual life in-force business.
  • Carlyle in its $1.8 billion acquisition, with T&D Holdings, of a majority interest in Fortitude Re.
  • Centerbridge Partners in its investment in GoHealth.
  • Resolution Re in the reinsurance of structured settlement annuity contracts and income annuity contracts from Symetra Life Insurance Company.
  • Carlyle in its strategic partnership with AIG to position DSA Re as a platform to provide solutions for insurance liabilities globally.
  • LKCM Headwater Investments in its investment in a Texas-domiciled life insurer with a sole focus on the structured settlement market.
  • Prosperity Life Insurance in its sale to an investor group led by Elliott.
  • Assured Guaranty in its acquisition of a minority interest in Rubicon Infrastructure Advisors.
  • The special purpose acquisition vehicle CF Corporation and Blackstone in the $1.835 billion acquisition of Fidelity & Guaranty Life.
  • Paraline Group and ICAT in the sale of ICAT to the Schinnerer Group, a subsidiary of Marsh & McLennan Companies.
  • American International Group in the sale of its medical stop-loss operations to Tokio Marine HCC.
  • Kelso & Company in its investment in Premia Holdings, a newly-formed property and casualty insurance and reinsurance group focused on providing runoff solutions.
  • Canada Pension Plan Investment Board in its $1.1 billion acquisition of Ascot from American International Group.
  • Clayton, Dubilier & Rice in its acquisition of Tranzact Holdings, the leading provider of comprehensive, direct-to-consumer sales and marketing solutions for insurance carriers in the U.S., from White Mountains Insurance Group.
  • Swiss Re Corporate Solutions in its $153 million acquisition of IHC Risk Solutions and its direct employer stop loss business from Independence Holding Company.
  • Stone Point Capital in its significant equity investment in specialty insurance broker Alliant Insurance Services, with KKR retaining a significant equity investment in the business.
  • American International Group in the sale of its Taiwan consumer and SME businesses to Nan Shan Life Insurance in Taiwan.
  • Catlin Group in its sale to XL Group for approximately £2.79 billion. The combined business is expected to have a leading presence in the global specialty insurance and reinsurance markets.
  • Canada Pension Plan Investment Board in its $1.8 billion acquisition of Wilton Re, a U.S. life insurance and reinsurance provider.
  • GreyCastle in its $570 million acquisition, backed by a consortium of investors, of the run-off Life Reinsurance operations of XL Group.
  • Liberty Mutual in the sale of Summit Holdings Southeast and its related companies to American Financial Group.
  • A subsidiary of Berkshire Hathaway in its acquisition of Hartford Life International Limited, an Irish domiciled variable annuity writer, for approximately $285 million.
  • Berkshire Hathaway in its $778 million acquisition of future cash flow from Caixa Bank’s life insurance portfolio.
  • Strongwood Insurance Holdings in its sale of Sequoia Insurance Company, Personal Express Insurance Company, Sequoia Indemnity Company and certain other subsidiaries to Amtrust Financial Services.
  • Markel Corporation in its $3.13 billion acquisition of Alterra Capital Holdings, a listed Bermuda reinsurer.
  • American International Group in the restructuring of Chartis' interest in PICC and a cornerstone investment in PICC's Hong Kong initial public offering.
  • Goldman Sachs Reinsurance Group in its acquisition of the Bermuda-based reinsurance operations of Ariel Holdings.
  • Pan-American Life Insurance in its acquisition of select businesses and assets from MetLife in the Caribbean, Panama and Costa Rica.
  • Harbinger Group in its $350 million acquisition of Old Mutual U.S. Life Holdings.
  • Protective Life Insurance Company in its $316 million acquisition of United Investors Life Insurance Company from Liberty National Life Insurance Company, a unit of Torchmark.
  • Tower Group in its $107 million acquisition of Specialty Underwriters’ Alliance.

• Pension Risk Transfers

  • The Prudential Insurance Company of America in the sale of a group annuity contract to The Hartford to reduce The Hartford’s pension obligation by $1.6 billion.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to WestRock Company to reduce WestRock’s pension obligation by $2.5 billion.
  • Prudential Insurance Company of America in the sale of a group annuity to JCPenney to reduce JCPenney’s pension liabilities.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to the U.S. subsidiary of Royal Philips as part of an overall transaction that will reduce Philips’ pension liabilities by $1.1 billion.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to Kimberly-Clark Corporation.
  • Prudential Financial in the sale of a group annuity contract to a leading pharmaceutical company to settle $1.4 billion of pension liabilities by providing future annuity payments to approximately 8,000 retirees.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to The Timken Company to pay future pension benefits for approximately 5,000 U.S. Timken retirees.
  • Prudential Financial in the sale to a Motorola Solutions retirement plan of a group annuity contract that will provide annuity payments for approximately 30,000 Motorola salaried retirees as part of Motorola's plan to reduce pension obligations.
  • Prudential Financial in the sale of a single premium group annuity contract to the Verizon Management Pension Plan to settle approximately $7.5 billion of pension liabilities of the Plan by providing future annuity payments to approximately 41,000 members of the Verizon Management Pension Plan.
  • Prudential Financial in the sale to a General Motors retirement plan of a group annuity contract that will provide annuity payments for certain GM salaried retirees as part of GM's plan to reduce pension obligations by approximately $26 billion.

• Financing and Securities Offerings

  • Global Atlantic, a retirement and life insurance company, in the establishment of Ivy Re, a reinsurance co-investment vehicle designed to co-invest approximately $1 billion with Global Atlantic and its subsidiaries in qualifying reinsurance transactions.
  • A major insurance company in its $250 million reserve financing.
  • Prudential Financial in multiple AXXX and XXX reserve financings.
  • The Prudential Insurance Company of America in the sale of a group annuity contract to Kimberly-Clark Corporation.
  • A major U.S. reinsurer in its $400 million reserve financing.
  • Swiss Reinsurance Company in its “Sector Re” structured reinsurance sidecar program.
  • Prudential Financial in the restructuring of its closed block business, including the repurchase of its Class B stock and reinsurance of substantially all of the outstanding liabilities of the closed block business to an affiliated reinsurer.
  • Resolution Life, a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies, in its formation and initial capitalization, related to its $587 million acquisition of Lincoln Benefit Life Company from Allstate Life Insurance Company, which included reserve financing, a reinsurance facility and bank debt.
  • Global Atlantic, a retirement and life insurance company, in its acquisition of the life insurance business of Aviva USA.
  • Swiss Re Life & Health in its $1.3 billion U.S. individual life retrocession transaction with Berkshire Hathaway and a $1.0 billion XXX financing.
  • Swiss Re Life & Health in its $1.5 billion letter of credit-based XXX financing with JP Morgan.