Sidley is representing 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.
Under the terms of the transaction, Prudential will sell Prudential Annuities Life Assurance Corporation (PALAC), including PALAC’s in-force annuity contracts, to Fortitude Re. The PALAC block primarily consists of non-New York traditional variable annuities with guaranteed living benefits that were issued prior to 2011.
The Sidley deal team is led by Sean Keyvan (Insurance), and includes Brad Drake, Megan Arrogante, John Grothaus, Kirk Lipsey, Scott Goldstein, Jeremy Carroll, Chloe Wang, Vicky Rusanova, Tiffany Kong, Anna Williford (Insurance), Stephanie Dobecki (Insurance Regulatory), Ellen Pesch (Derivatives), Laura Barzilai, Lee Christie, Dan Altman, Tyler Replogle, Wondha Cadet (Tax), Jennifer Coplan, Kyle Barnett (Intellectual Property), Dan Spies, Nathan Greene, Victoria Anglin, Brian Bowman, Andrew Krebsbach (Investment Funds), Colleen Brown, Stephen McInerney (Privacy and Cybersecurity), Beth Dickstein (Employee Benefits), Jim Mendenhall, Justin Becker (Global Arbitration, Trade and Advocacy), Hardy Callcott, and Charlie Sommers (Securities Enforcement and Regulatory).