January 7, 2015

Issuance marks the first securitization of life insurance embedded value since the financial crisis. 

Willkie recently represented Credit Agricole Securities (USA) as structuring lead and sole book-runner in the placement of $300 million of asset-backed notes issued by Chesterfield Financial Holdings LLC, marking the first securitization of U.S. life insurance embedded value since the financial crisis of 2008. The transaction covers a closed block of policies assumed by RGA Reinsurance Company, a wholly owned indirect subsidiary of Reinsurance Group of America, Incorporated, between 2006 and 2010.

The Willkie securitization team was led by of counsel Scott Avitabile.  Of counsel Don Henderson assisted with reinsurance matters, partner Arthur Lynch assisted with U.S. tax matters, and special counsel Cindy Chernuchin assisted with UCC and security interest matters.