Debevoise & Plimpton LLP is advising Wilton Re on its agreements to reinsure legacy comprehensive and nursing home long-term care insurance policies from Bankers Life and Casualty Company, a subsidiary of CNO Financial Group, Inc.
In total, Wilton Re will assume $2.7 billion of LTC statutory reserves through administrative reinsurance agreements with CNO. Additionally, CNO will pay a ceding commission of $825 million to Wilton Re and Wilton Re will assume administration for the business after a transition period.
Wilton Re is a leading provider of In Force Solutions. Focusing on the North American life insurance market, the company provides risk capital and related services including M&A.
The Debevoise team is led by Marilyn A. Lion and includes partner Peter F.G. Schuur; counsel Michael D. Devins; and associates Kristen A. Matthews, Khrystyna Rayko, Arianna B. Thompson, Daniel Priest and Samuel Krawiecz.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.