Sidley is representing a Kuvare Holdings subsidiary, Guaranty Income Life Insurance Company (GILICO), in its acquisition of Lincoln Benefit Life Company (LBL).
LBL will become the third operating U.S. life insurance business acquired by Kuvare since 2016, making Kuvare an insurance conglomerate with assets exceeding $13 billion. Sidley also represented Kuvare on another of those transactions, the acquisition of GILICO, as well as on the formation of Bermuda reinsurer Kuvare Life Re and the acquisition of a large portfolio of fixed annuities.
The deal is expected to close by the end of 2019, and illustrates Sidley’s continued leadership in market-shaping insurance M&A, including third-party capital investments into the industry.
Tony Ribaudo (insurance) led the Sidley team drawn from the firm’s offices in Chicago, New York, Los Angeles, Washington, D.C., San Francisco, Dallas and London. The team also included Chad Vance, Brad Drake, Michael Rosenfield, Julie Snyder, Scott Goldstein, Jack Yamin, Jen Chae, John Grothaus, Sara Africano, Zeshawn Qadir (all insurance), Lee Christie, Nate Enfield (tax), Ram Burshtine, Melissa Mael and Ben Yang (finance).