Kirkland Counsels 26North on $4.9B Reinsurance Transaction With National Life Group's Life Insurance Company of the Southwest

CHICAGO, Illinois, May 7 -- Kirkland and Ellis, a law firm, issued the following news release:

Kirkland & Ellis advised 26North Reinsurance Holdings (26N Re), a leading reinsurance partner to the life and annuity industry, on the completion of a $4.9 billion reinsurance transaction with Life Insurance Company of the Southwest (LSW), a member company of National Life Group (NLG). The transaction brings 26North's total assets under management to approximately $22 billion. The deal was announced May 7, 2024.

Through the transaction, 26N Re will reinsure a seasoned and diversified block of LSW's multi-year guarantee and fixed index annuity products. 26N Re has also agreed to provide quota share reinsurance for future fixed annuities issued by LSW. NLG, through one of its companies, is a minority owner in the 26N Re subsidiary reinsuring the policies ceded by LSW.

Read 26North's press release.

The Kirkland team is led by corporate partner Rajab Abbassi and associate Alex Adamis; insurance transactions and regulatory partner Parimah Hassouri; investment funds partner Michael Chu and associate Marisa Stern; debt finance partners Judson Oswald and Douglas Tedeschi and associates Tanya Embers, Grant Gannon and Ben Wetzel; technology and IP transactions partner Todd Herst and associate Srinithi Narayanan; and investment funds regulatory partner Daniel Kahl.

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Original text here: https://www.kirkland.com/news/press-release/2024/05/kirkland-counsels-26north-on-4-9b-reinsurance-transaction-with-nlg-lsw