Eversheds Sutherland Represents Voya Financial in $1.25 Billion Sale of Individual Life Insurance Business

LONDON, England, Dec. 24 -- Eversheds Sutherland, a law firm, issued the following news release:

Eversheds Sutherland is pleased to announce that it, along with Willkie Farr & Gallagher, represented client Voya Financial Inc. in entering into a definitive agreement to sell its individual life and other legacy non-retirement annuities businesses to Resolution Life Group Holdings Ltd. The total value of the transaction is approximately $1.25 billion.

The Eversheds Sutherland deal team was led by Insurance Partner Ling Ling with support from Counsel Matthew L. Hazlett and Sean M. Diamond, Associates Marc A. Salvia and Michele M. Spencer, as well as Finance Partner Eric R. Fenichel and Tax Partner Michael R. Miles.

Through the transaction, Voya's Security Life of Denver Insurance Company (SLD) and Security Life of Denver International Limited (SLDI) subsidiaries will be acquired by a new holding company, Resolution Life US. In addition, Voya will reinsure the life insurance, pension risk transfer and non-retirement annuities business issued by ReliaStar Life Insurance Company (RLI), Voya Retirement Insurance and Annuity Company (VRIAC) and ReliaStar Life Insurance Company of New York (RNY) to SLD. Voya will retain ownership of VRIAC, RNY and RLI. Voya will also take a $225 million interest in Resolution Life, the parent investment fund of Resolution Life US.

Based on September 30, 2019 balances, the general account assets associated with the products included in this transaction were $24 billion.

About Eversheds Sutherland's Insurance Practice

Life, property casualty and captive insurers and reinsurers trust Eversheds Sutherland for strategic advice based on decades of insurance industry experience. Immersed in insurance - from transformative transactions to essential operations - Eversheds Sutherland offers clients a collaborative and integrated approach to legal services. Whether pursuing opportunities or managing crises, we partner with our clients to find creative, business-oriented solutions and deliver the highest-quality service in finance, litigation, M&A and demutualizations, regulatory, products, tax, reinsurance and captive insurance matters.

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About Eversheds Sutherland

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