The first half of 2023 has seen a rapid surge in insurance M&A and reinsurance deal activity. Sidley is proud to have partnered with our clients on several of the most notable such transactions in 2023 so far, ranging from some of the largest-ever reinsurance deals to groundbreaking insurance M&A.
In just five months, our firm handled more than 20 insurance M&A and reinsurance transactions,* amounting to over US$50 billion in total value.** This strong track record comes on the heels of a successful 2022, when Sidley shared the top spot for North American insurance underwriter M&A by number of deals according to S&P Capital IQ Pro.
Congratulations and thank you to all of our clients with whom we have worked so far this year.
Selected transactions on which we are pleased to have advised in the first half of 2023 include representation of:
- Lincoln Financial in its pending reinsurance of approximately US$28 billion of in-force universal life with secondary guarantee, MoneyGuard®, and fixed annuity products to Fortitude Re.
- Global Atlantic in a pending US$19.2 billion reinsurance agreement with MetLife, reinsuring a seasoned and diversified block of MetLife’s U.S. retail annuity and life insurance business.
- RenaissanceRe in its pending US$2.985 billion acquisition of Validus Re from AIG.
- American International Group in the pending sale of Crop Risk Services to American Financial Group for approximately US$240 million.
- Resolution Life in a pending strategic transaction with Farmers New World Life Insurance Company (FNWL) involving the cession of FNWL’s in-force individual life business to Resolution Life subsidiary Security Life of Denver, a flow reinsurance treaty covering the current range of individual life products, and retrocession to Swiss Re of all of the reinsured term life liabilities.
- Blue Cross Blue Shield of Michigan in its pending affiliation with Blue Cross and Blue Shield of Vermont.
- Zinnia in its strategic acquisition of Policygenius, a digital insurance marketplace.
- The Prudential Insurance Company of America in the sale of its 70% interest in the Malaysian life insurer Gibraltar BSN Life Bhd to FWD Group Holdings Ltd. and other investors.
- Arthur J. Gallagher in its US$660 million acquisition of Buck, a leading provider of HR, pensions, and employee benefits services.
- Westfield in its acquisition of the Lloyd’s operations of Argo Group, including Argo’s Lloyd’s managing agency and Argo’s members supporting Syndicate 1200.
- Nassau Financial Group, a Golden Gate Capital portfolio company, in its strategic business combination with Angel Island Capital Management.
- Fortitude Re in multiple reinsurance transactions, including block and flow transactions, with leading Japanese life insurance companies.
- Kuvare Holdings in the acquisition of a block of in-force annuities issued by a large, highly rated multinational carrier from its Hong Kong platform, and two forward-flow reinsurance arrangements, each with a separate highly rated Japanese life insurer.
* Inclusive of completed and ongoing matters
** Inclusive of reserve transfer and enterprise value