Debevoise Advises Prudential in Sale of a Group Annuity Contract to Timken Company

23 January 2015
Debevoise & Plimpton LLP is advising The Prudential Insurance Company of America, a Prudential Financial, Inc. company, in its agreement to sell a group annuity contract to The Timken Company (“Timken”) to pay future pension benefits for approximately 5,000 U.S. Timken retirees. In April, Prudential will begin paying benefits to certain retirees and surviving beneficiaries currently receiving payments from Timken's U.S. retirement plan.

Prudential Financial, Inc., a financial services leader, has operations in the United States, Asia, Europe and Latin America. The company is committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.

The Debevoise team is led by partner Alexander R. Cochran and includes partner Jonathan F. Lewis and associates Alan J. Yurowitz and Emily Zand.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. The firm’s commercially savvy lawyers regularly lead strategic transactions and complex disputes for world-class clients.