BEN KRALSTEIN is an associate in the Insurance and Financial Services group in New York and co-chair of Sidley’s New York Associate Relations Committee. His practice focuses on advising U.S. and non-U.S. insurers, reinsurers, insurance markets, agents, brokers, managing general agents, reinsurance intermediaries, investors and financial institutions in a broad range of transactional and regulatory matters in the insurance and reinsurance industry. Ben has extensive experience in advising clients on domestic and cross-border reinsurance transactions and related collateral arrangements, pension risk transfer transactions, mergers and acquisitions, structured finance solutions, insurance securitizations and capital markets transactions.
Examples of Ben’s experience include representation of:
- Prosperity Life in the reinsurance of US$1.7 billion of statutory reserve liabilities from National Western Life on a coinsurance with funds withheld basis.
- Athene Holding Ltd. 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.
- Oceanview Reinsurance Ltd. in a reinsurance transaction in which it assumed approximately US$1 billion of statutory reserves from an A++ rated U.S. life insurance company covering legacy fixed annuity business.
- Oscar Insurance, an innovative insurtech health insurance startup backed by Fidelity Investments and Google, in the negotiation of four quota share reinsurance agreements with AXA, the multinational insurer headquartered in Paris, covering Oscar’s individual health insurance business.
- 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.
- Cigna Corporation in the international insurance and healthcare regulatory matters associated with its US$67 billion acquisition of publicly traded Express Scripts Holding Company.
- Cigna Corporation in the international insurance and healthcare regulatory matters associates with its terminated sale to Anthem, Inc. in a transaction valued at US$54.2 billion.
Strong guidance of his clients has earned Ben recognition in Chambers USA for Insurance: Transactional & Regulatory (2021) as an “Associate to watch.”
Ben also has a broad pro bono practice in which he advises pro bono clients on a variety of matters, including U.S. asylum applications, uncontested divorce cases and corporate governance and formation matters.
While at Sidley, Ben completed a secondment at Athene Holding Ltd., a client of the firm, where he worked on various pension risk transfer transactions. Additionally, while attending St. John’s University School of Law, he was an Associate Managing Editor for the St. John’s Law Review and interned for the Securities and Exchange Commission’s Division of Enforcement.