Debevoise & Plimpton LLP is advising Prosperity Life Assurance Limited (Prosperity Life) in its purchase of certain closed-block businesses from National Guardian Life Insurance Company (NGL). The subject businesses have combined net statutory reserves of approximately $400 million and consist of life, annuity and accident and health (A&H) lines. For more information, see the company’s press release.
Prosperity Life Assurance Limited is a newly formed Bermuda based long-term reinsurer that offers comprehensive capital and risk management solutions to its reinsurance clients. It is affiliated with the Prosperity Life group of companies, which is an A- AM Best rated U.S. life insurance platform, principally owned by funds affiliated with Elliott Management Corporation. As of December 31, 2019, Elliot managed approximately $40.2 billion in assets.
National Guardian Life Insurance Company is an insurance company headquartered in Madison, Wis. NGL markets preneed and individual life and annuities, as well as group markets products.
The Debevoise team is led by insurance partner Thomas Kelly and includes tax partner Peter Schuur and insurance associates Risa Gordon and Arianna Thompson and tax associates Sabrina Hsieh and Daniel Priest.