Sidley represented National Life Group (NLG) in a US$4.9 billion reinsurance transaction with 26North Reinsurance Holdings (26N Re).
Under the transaction, Life Insurance Company of the Southwest (LSW), a member company of NLG, has agreed to cede a seasoned and diversified block of multi-year guarantee and fixed index annuity products to 26N Re. In addition, 26N Re has agreed to provide quota share reinsurance for future fixed annuities issued by LSW. NLG, through one of its companies, is a minority owner in the 26N Re subsidiary reinsuring the policies ceded by LSW.
The Sidley team was led by Jon Kelly and Vince Onorato (both Financial Institutions – Insurance), and included Andrew Holland, law clerk Cameron Baxendale (both Financial Institutions – Insurance), Peter Edgerton (Tax), Dan Spies, Allison Hocevar (both Investment Funds), and Eileen Liu (Employee Benefits).
Under the transaction, Life Insurance Company of the Southwest (LSW), a member company of NLG, has agreed to cede a seasoned and diversified block of multi-year guarantee and fixed index annuity products to 26N Re. In addition, 26N Re has agreed to provide quota share reinsurance for future fixed annuities issued by LSW. NLG, through one of its companies, is a minority owner in the 26N Re subsidiary reinsuring the policies ceded by LSW.
The Sidley team was led by Jon Kelly and Vince Onorato (both Financial Institutions – Insurance), and included Andrew Holland, law clerk Cameron Baxendale (both Financial Institutions – Insurance), Peter Edgerton (Tax), Dan Spies, Allison Hocevar (both Investment Funds), and Eileen Liu (Employee Benefits).
