Sidley is representing Venerable in a landmark transaction with Corebridge that will increase Venerable’s total assets under risk management, on a pro forma basis as of March 31, 2025, by approximately 77% from US$67 billion to US$118 billion.
Venerable will reinsure approximately US$51 billion of variable annuity business from American General Life Insurance Company (AGL) and The US Life Insurance Company in the city of New York. At the close of the transaction, they will also commence variable annuity flow reinsurance from AGL.
Sidley is also representing Venerable in its acquisition of Corebridge’s investment adviser, SunAmerica Asset Management, LLC, building upon the successful standup of Venerable Investment Advisers. The acquisition will more than triple assets under management to approximately $52 billion.
The Sidley team is led by Perry Shwachman, Jon Kelly, Paige Levitt, and John White (M&A and Private Equity – Insurance), and includes Dave Perkins, Ryan Scofield, Alex Rios (M&A and Private Equity), Peter Edgerton, Tyler Replogle, Alex Afriat (Tax), Ellen Pesch, Sharon DiPrinzio, Sophia Archos, Michael Bay (M&A and Private Equity – Insurance), and Lauren Gallagher, Karim Pirani, and Steven Syzmanski (M&A and Private Equity - Employee Benefits and Executive Compensation).
