Sidley is advising Venerable Holdings, Inc. in its acquisition of variable annuity reinsurer Corporate Solutions Life Reinsurance Company from publicly traded Equitable Holdings, Inc., and the concurrent co-modco reinsurance of approximately US$26 billion of reserves with respect to a block of legacy variable annuity business from Equitable Financial Life Insurance Company.
This strategic transaction is expected to more than double Venerable’s total assets.
Perry Shwachman, Jon Kelly, Chad Vance, and Brad Drake (Insurance) are leading the multidisciplinary Sidley deal team, drawn primarily from the firm’s Chicago and New York offices, including lawyers from Sidley’s Investment Funds, Global Finance, Tax, Employee Benefits, Securities and Shareholder Litigation, Privacy and Cybersecurity, and Intellectual Property groups.
