Willkie client Genworth will sell, via reinsurance, a block of term life insurance business to the Dai-ichi Life subsidiary.
On September 30, Willkie client Genworth Financial, Inc. (NYSE: GNW) announced that it had entered into an agreement to sell, via reinsurance, a block of term life insurance business to Protective Life Insurance Company. The base ceding commission for the reinsurance is expected to be approximately $63 million. The block represents $108.7 billion face amount of term life insurance and is backed by $2.3 billion of statutory reserves. Genworth will continue to administer and service the policies. The transaction is expected to close in the first quarter of 2016.
Genworth Financial, Inc. is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Protective is a wholly owned U.S. subsidiary of The Dai-ichi Life Insurance Company, one of the largest life insurance companies in Japan.
The deal was handled by partner Alexander Dye, special counsel Elizabeth Bannigan and associates Matthew Stern and Yevgeniy Markov.