Debevoise & Plimpton LLP is advising Protective Life Corporation (“Protective”), a wholly owned U.S. subsidiary of The Dai-ichi Life Insurance Company, Limited, in the acquisition via reinsurance of certain in force blocks of term life insurance from Genworth Life and Annuity Insurance Company (“Genworth”). Protective’s total capital investment is estimated to be approximately $661 million.
The transaction, which is subject to customary regulatory approvals and closing conditions, is expected to close in the first quarter of 2016.
Protective Life Corporation, headquartered in Birmingham, Alabama, provides financial services through the production, distribution and administration of insurance and investment products throughout the United States.
The Debevoise team is led by partner Marilyn A. Lion and includes partner Peter F.G. Schuur and associates Risa B. Gordon, Adam M. Namm, Daniel Priest, Rebecca J. Sayles and Michael G. Stern.
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