BRAD DRAKE is a partner in the Insurance and Financial Services group in the Chicago office. He frequently represents insurance companies and other financial institutions in a broad range of insurance-related transactions, from company formations through innovative risk transfer solutions. Brad has advised insurers in connection with company and block acquisitions, and issuers and underwriters in connection with equity, debt and hybrid securities offerings. He has also been involved in a number of alternative risk transfer transactions, including embedded value and closed block securitizations, regulatory reserve financings, pension risk transfers and sidecars. Brad also advises lenders in connection with premium finance and life settlement transactions.
Recent transactions on which Brad has advised include:
- Global Atlantic in the reinsurance from Unum Group of a closed block of individual disability income business backed by $8.5 billion in assets.
- Venerable in its acquisition of Corporate Solutions Life Re from Equitable Holdings, and the reinsurance of approximately $26 billion of reserves from Equitable Financial Life Insurance Company.
- The Hartford in the sale of its life insurance and annuity businesses for $2.05 billion to an investor group that included Global Atlantic, Cornell Capital, TRB Advisors, Pine Brook and J. Safra Group.
- Apollo and Athene in their acquisition of Voya’s closed block variable annuity business through Venerable Holdings, Inc. and Athene’s agreement to reinsure $19 billion of Voya’s fixed and fixed indexed annuities
- RGA in its acquisition of a block of individual payout annuities from John Hancock representing reserves of approximately $3 billion
- Hartford Financial Services in the sale of its retirement plans business to MassMutual
- Athene in its $1.55 billion acquisition of Aviva plc’s U.S. life insurance business
- Multiple Risk Takers, including JPMorgan, Credit Suisse, Nomura, BNP Paribas, Assured Guaranty, RGA and Swiss Re, in over $15 billion of reserve financing transactions for insurers
- RGA and Chesterfield Financial Holdings LLC in the offering of $300 million in embedded value linked notes
- MassMutual in multiple offerings of surplus notes of over $1.5 billion
- Athene in its formation and arrangements for $400 million committed private equity investment
- Stable value funds, collective trust funds, investment managers and wrap providers in connection with the negotiation and administration of stable value wrap contracts
- Insurers and investment banks in the establishment of funding agreement-backed note programs by AIG, Athene, Hartford and Protective