Despite one of the slowest global dealmaking markets in recent years, 2023 saw robust activity in insurance M&A and reinsurance transactions. Sidley is proud to have partnered with our clients on several of the most significant such transactions last year, ranging from groundbreaking insurance M&A to some of the largest-ever reinsurance deals.
In 2023, Sidley handled more than 40 insurance M&A and reinsurance transactions,* amounting to over US$60 billion in total value.**
Congratulations and thank you to all of our clients with whom we worked in 2023 — we look forward to partnering with you in 2024.
Representative Transactions
Selected transactions on which we are pleased to have advised in 2023 include representation of:
- Lincoln Financial in its 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 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 US$2.985 billion acquisition of Validus Re from AIG.
- National Western Life in its pending US$1.9 billion acquisition by an affiliate of Prosperity Life.
- Resolution Life in a US$1.8 billion 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.
- Avantax in its US$1.2 billion acquisition by Cetera.
- Farmers Exchanges in the pending US$760 million sale of three brokerage entities and its flood program servicing arm to Farmers Group, Inc.
- Arthur J. Gallagher in its US$660 million acquisition of Buck, a leading provider of HR, pensions, and employee benefits services.
- Nassau Financial Group, a Golden Gate Capital portfolio company, in its strategic partnership with Fortress Investment Group, and in its US$300 million strategic business combination with Angel Island Capital Management.
- Fleming Insurance Holdings, a portfolio company of Altamont Capital Partners, in its pending US$277 million acquisition of JRG Re from James River.
- Altamont Capital Partners and Hadron in the launch of Hadron, a groundbreaking hybrid insurer backed by over US$250 million from Altamont and other institutional investors.
- AIG in the sale of Crop Risk Services to American Financial Group for approximately US$240 million.
- 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.
- Blue Cross Blue Shield of Michigan in its affiliation with Blue Cross and Blue Shield of Vermont.
- Zinnia in its strategic acquisition of Policygenius, a digital insurance marketplace.
- Ryan Specialty in its acquisition of AccuRisk Holdings.
- BHMS Investments and Inszone Insurance Services in Inszone’s strategic partnership with Lightyear Capital.
- Prudential Financial in the sale of its interest in Malaysian life insurer Gibraltar BSN to FWD Group.
- Athene Holding in multiple block and flow reinsurance transactions with counterparties in the U.S. and the Asia-Pacific region.
- 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.
- Golub Capital, Hudson Structured Capital Management, and Sammons Financial Group as lead investors in RGA’s launch of Ruby Re, a third-party life reinsurance company targeting U.S. asset-intensive business.
- Athene Holding and Apollo Global Management in the launch of Athene Co-Invest Reinsurance Affiliate Holding 2 Ltd., a long-duration, on-demand capital vehicle funded by over US$2 billion of third-party investor commitments through a fund managed by Apollo.
- Kuvare Holdings in the launch of Kindley Re, a US$400 million life and annuity reinsurance sidecar formed in partnership with Davidson Kempner Capital Management, and Kuvare and its affiliates.
* Inclusive of completed and ongoing matters
** Inclusive of reserve transfer and enterprise value