Debevoise & Plimpton LLP is advising Global Atlantic Group in connection with an $8.0 billion annuity reinsurance transaction between two of its insurance subsidiaries (Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company) and Ameriprise Financial insurance subsidiaries (RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York). The deal is comprised primarily of fixed-rate and income annuities alongside a smaller component of fixed index annuities.

The transaction with Commonwealth Annuity is expected to close in July 2021. The transaction with First Allmerica will be subject to regulatory approval. The previously announced Ivy co-investment vehicle will invest alongside Commonwealth Annuity and First Allmerica.

For more information, please see the company’s press release.

Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. Ameriprise operates a nationwide network of 10,000 financial advisors and offers extensive asset management, advisory and insurance capabilities.

The Debevoise team is led by insurance M&A partner Alexander Cochran and includes associates Nick Cruz, Katrina Kaczynski, Matthew Parelman and Rebecca Sayles, tax partner Daniel Priest and associate Erasmo Perez and real estate partner Nicole Mesard and associate David Saltzman.