Debevoise & Plimpton LLP is advising Manulife Financial Corporation (TSX/NYSE/PSE: MFC) in its agreement with Venerable Holdings Inc. to reinsure over 75% of its legacy U.S. Variable Annuity block consisting primarily of policies with Guaranteed Minimum Withdrawal Benefits riders. The transaction releases approximately $2 billion of capital. For more information, please see the company’s press release.

Manulife is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. Venerable is a provider of risk transfer solutions to variable annuity issuers, and owns and manages legacy variable annuity business acquired from other entities.

The Debevoise team is led by insurance M&A partners Marilyn Lion and Nicholas Potter and includes counsel Andrew Jamieson, associate Paulina Stanfel and law clerk Nick Cruz, finance counsel Emilie Hsu, tax partner Peter Schuur and associate Lillian Jo Aston, and intellectual property partner Henry Lebowitz and associate Emily MacKay.