Sidley represented Global Atlantic Financial Group in the reinsurance of a US$4.8 billion closed block of whole life insurance policies, originated in Asia, to its Bermuda-based subsidiary Global Atlantic Assurance Limited from AXA China Region Insurance Company Limited and AXA China Region Insurance Company (Bermuda) Limited (AXA Hong Kong).
This is Global Atlantic’s first block reinsurance transaction sourced outside the U.S., and its first reinsurance deal in Asia. Global Atlantic’s Ivy Co-Investment Vehicle LLC will invest alongside Global Atlantic Assurance Limited.
The strategic transaction further advances Global Atlantic’s position as a leader in the life and annuity reinsurance marketplace and demonstrates Sidley’s ability to guide clients in their most innovative cross-border insurance and reinsurance transactions.
Dennis Manfredi (Insurance, New York) led the international Sidley team that included Megan Arrogante, Carly Owens (both Insurance, New York), Jacob Grossman (Insurance, Chicago), Peter Edgerton, John Wilson (both Tax, Chicago), Stanley Boris (Banking, Washington, D.C.), Barbara Broussard, Carys Golesworthy (both Global Trade, Washington, D.C.), and Dominic James (Investment Funds, Hong Kong).