Sixth Street Closes Multiparty Reinsurance Transaction with Allianz Life for $35 Billion Annuity Portfolio

January 7, 2022

Willkie represented Sixth Street in a reinsurance transaction alongside Resolution Life to acquire blocks of insurance policy business from Allianz Life.

Willkie client Sixth Street (and affiliates including insurance platform Talcott Resolution Life Insurance Company) and Resolution Life have closed a transaction with Allianz Life to reinsure a $35 billion fixed index annuity portfolio.

The deal, one of the largest reinsurance transactions of its kind and the biggest to date for Allianz’s life back books, is expected to unlock $4.1 billion in value and free up regulatory capital for more efficient balance sheet management for Allianz.

Allianz Life, a subsidiary of global financial services company Allianz SE, is a leading provider of annuities and life insurance products in the United States, with over $156 billion in assets under management.

Sixth Street is a global investment firm with over $55 billion in assets under management and committed capital. Sixth Street invests in the insurance and reinsurance industry through its $25 billion Sixth Street TAO platform and other dedicated insurance affiliates, including Talcott Resolution Life Insurance Company.

Willkie previously represented Sixth Street in its 2021 acquisition of Talcott Resolution Life Insurance Company from a consortium of investors.

The Willkie team was led by partners Robert Rachofsky, Michael Stern, Elizabeth Bannigan, Viktor Okasmaa and Mark Proctor.