Elizabeth B. Bannigan is a partner in the Corporate & Financial Services Department of Willkie Farr & Gallagher LLP in New York. Elizabeth’s practice focuses on merger and acquisition transactions in the insurance industry, complex reinsurance transactions and insurance regulatory matters. Elizabeth’s practice includes advising insurers, reinsurers and financial buyers in the purchase and sale of insurance companies and blocks of insurance and reinsurance business, the structure and regulation of alternative risk financing mechanisms and complex reinsurance arrangements, including insurance securitizations, loss portfolio transfers and insurance-linked securities and the regulation of insurance holding company systems.
Elizabeth's representative matters include*:
- Represented Sixth Street in its agreement alongside Resolution Life to reinsure a $35 billion fixed index annuity portfolio of Allianz Life
- Represented Equitable Holdings, Inc. (NYSE: EQH) in its $12 billion agreement with Venerable Holdings to reinsure a legacy variable annuity block
- Represented AIG in its sale of a 76.6 percent interest in Fortitude RE to The Carlyle Group and Tokyo-based T&D Holdings for approximately $1.8 billion
- Represented Aegon in its deal to sell its two largest U.S. run-off businesses, pursuant to which Aegon's Transamerica life subsidiaries will reinsure $14 billion of liabilities to affiliates of Wilton Re US Holding Inc.
- Represented New York Life in its acquisition of 60% of John Hancock Financial’ s closed block established in connection with its demutualization, comprising 1.3 million policies encompassing more than $11 billion in liabilities
- Represented Genworth Financial in its sale of a block of term life insurance business to Protective Life Insurance Company
- Represented Allstate in its $1.735 billion sale of Lincoln Benefit Life to Resolution Life Holdings
- Represented ACE in its $365 million acquisition of The Fireman’s Fund personal lines business from Allianz
- Represented MetLife, Inc. in its $16 billion acquisition of American Life Insurance Company (ALICO) from AIG
- Represented Old Mutual Plc in its $350 million sale of Old Mutual Financial Life Insurance Company to Harbinger Group
- Represented Farmers Group, Inc. in connection with its acquisition of AIG’s Personal Auto Group, which includes 21st Century Insurance Co.
- Represented MBIA in its recent restructuring transaction
- Represented Aegon in its acquisition of the credit insurance business of AIG
- Represented MetLife, Inc. in its $11.8 billion acquisition of Travelers Life & Annuity
- Represented GE Capital in the spin-off of its life insurance operations
- Represented Great-West in the sale of its healthcare business to Cigna
- Represented insurance companies in private finance transactions designed to relieve the reserve strain caused by Regulation XXX and Regulation AXXX, including MetLife and Sun Life
- Represented clients in connection with the structure and regulation of catastrophe and morbidity bonds
* Elizabeth advised on some of these matters at her prior firm.