Sidley is representing Dearborn Group, a national provider of ancillary benefits, in the sale of Dearborn’s group life and disability (L&D) business to Symetra Life Insurance Company, a provider of retirement and employee benefit insurance products. Symetra will acquire Dearborn’s L&D business through a reinsurance transaction and enter into a product distribution arrangement with Dearborn Group’s parent company, Health Care Service Corporation.
Under the reinsurance transaction, Symetra will assume Dearborn’s L&D business, including group and individual life, accidental death and dismemberment, group short-term and long-term disability, paid family leave and medical leave, and absence management businesses. Following the closing of the transaction, Dearborn Group intends to focus on its large and growing dental, vision, and supplemental health product and service lines.
The Sidley team was led by Vincent Onorato, Amanda Todd, and Cameron Baxendale (M&A and Private Equity – Insurance) and included Sara N. Africano, Tu Tu, Nicole Mouzakiotis, Michaela Cappucci, Jordan Papai, and Spencer K. Caro (M&A and Private Equity – Insurance); Carrie Mahan, Mary Marks, and Nicole Booth (Antitrust and Competition); Eileen Liu, Mary Niehaus, and Gregory Matisoff (Employee Benefits and Executive Compensation); Trevor Wear and Kim Schroer (Healthcare); Teresa Reuter and Ryan Martin (Labor, Employment and Immigration); Lauren Kitces (Privacy and Cybersecurity); Peter Edgerton, Nathan Enfield, and Sebastian Richardson (Tax); and Mark Kaufman (Technology and Life Sciences Transactions).
