Sidley Guides Venerable in US$22 Billion Annuity Reinsurance Deal With Manulife

Sidley is representing Venerable Holdings, Inc., the leader in providing innovative risk transfer solutions to variable annuity issuers, in a transaction with publicly traded Manulife Financial Corporation to reinsure approximately US$22 billion of variable annuity business from its U.S. subsidiary John Hancock.

On a pro forma basis, as of March 31, 2021 the transaction will increase Venerable’s assets under risk management from US$71 billion to US$94 billion.

The Sidley team is led by Perry Shwachman, Jon Kelly, Chad Vance, and John White (Insurance), and includes Katerina Glor (Insurance), Beth Dickstein (Employee Benefits), Tracy Williams, Peter Edgerton, and John Wilson (Tax).