Jacob A. Grossman

JACOB GROSSMAN focuses on advising insurers, brokers, private equity firms, banks, and other industry participants in a range of transactional and regulatory matters including mergers and acquisitions, reinsurance transactions, securities offerings, company formation and licensing, and insurance holding company system matters, among others. 

Prior to joining Sidley, Jacob was a Public Interest Law Initiative (PILI) Graduate Fellow at the Institute for Justice Clinic on Entrepreneurship.

Selected examples of Jacob’s experience include representation of:

• CSAA Insurance Exchange in its offering of US$500 million in surplus notes.
• The Cigna Group on insurance regulatory matters in the sale of its Medicare businesses and CareAllies to HCSC for a total transaction value of approximately US$3.7 billion.
• The Farmers Exchanges in the US$760 million sale of three brokerage entities, and its flood program servicing arm, to Farmers Group, Inc.
• Global Atlantic in the reinsurance of a US$19.2 billion block of MetLife’s U.S. retail annuity and life insurance business.
• Security Benefit and its subsidiary Everly Holdings in the acquisition of Settlers Life from National Guardian Life.
• Tiptree and Fortegra on the insurance and regulatory aspects of a US$200 million strategic investment in Fortegra from Warburg Pincus.
• Lincoln Financial in the reinsurance of approximately US$9.4 billion of in-force executive benefit and universal life reserves to Resolution Life.
• Prudential Financial, Inc. in the sale of a US$31 billion portion of its in-force legacy variable annuity block for US$2.2 billion to Fortitude Re, Bermuda’s largest multi-line reinsurer.
• Global Atlantic in the reinsurance of a US$4.8 billion closed block of whole life insurance policies from AXA China Region Insurance Company Limited and AXA China Region Insurance Company (Bermuda) Limited (AXA Hong Kong), with Global Atlantic’s Ivy Co-Investment Vehicle LLC investing alongside Global Atlantic Assurance Limited.
• TowerBrook and Further Global in the US$586 million acquisition of ProSight.
• Venerable in its acquisition of Corporate Solutions Life Re from Equitable Holdings, and the reinsurance of approximately US$26 billion of reserves from Equitable Financial Life Insurance Company.
• Athene Holding and Apollo Global Management in the formation and capitalization of Athene Co-Invest Reinsurance Affiliate 1A, Ltd. (ACRA), a long-duration, on-demand capital vehicle funded by Athene and certain investment funds managed by Apollo.
• Athene Holding in the reinsurance of a US$27 billion block of annuities from Jackson National Life Insurance Company, and a US$500 million indirect equity investment in Jackson.
• Kemper Corporation in its US$1.6 billion acquisition of Infinity Property and Casualty Corporation.
• Apollo Global Management and Athene Holding in the acquisition from Voya Financial of Voya Insurance and Annuity Company, including Voya’s closed block variable annuity business, for approximately US$500 million, and Athene’s agreement to reinsure US$19 billion of Voya’s fixed and fixed indexed annuity liabilities.