Debevoise Advises Jackson National and Prudential plc in $27.6 Billion Reinsurance Transaction with Athene Alongside a $500 Million Equity Investment

18 June 2020

Debevoise & Plimpton LLP is advising Jackson National Life Insurance and Prudential plc in their strategic transaction with Athene Holding Ltd. (Athene) (NYSE: ATH), to fully reinsure $27.6 billion of Jackson’s in-force book of fixed and fixed index annuity liabilities in exchange for approximately $1.25 billion in ceding commission, alongside a $500 million equity investment. For more information, please see the company’s press release.

Jackson is a leading provider of retirement products for industry professionals and their clients. The company and its affiliates offer variable, fixed and fixed index annuities designed for tax-efficient growth and distribution of retirement income for retail customers, as well as products for institutional investors. Jackson is an indirect subsidiary of Prudential plc, an Asia-led portfolio of businesses focused on structural growth markets.

Athene is a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs.

The Debevoise team is led by partners Nicholas Potter and Marilyn Lion and includes partners Andrew Bab, Eric Juergens, Jonathan Lewis, Byungkown Lim, Marc Ponchione and Peter Schuur, counsel Kyra Bromley, Emilie Hsu and Gregory Larkin and associates Ali Bazzi, Katherine Durnan, Danjie Fang, Nathan Frost, Sabrina Hsieh, Andrew Jamieson, Matthew Parelman, Benjamin Pedersen, Daniel Priest, David Rock, Rebecca Sayles, Brita Siepker, Leron Solomon, and Maggie Zellner McInnis.