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. 

Chambers USA (2024) recognizes Elizabeth as a leading practitioner in the area of Insurance: Transactional & Regulatory (New York). She is also recognized by The Legal 500 U.S. (2024) as a Leading Lawyer in the area of Insurance: Non-Contentious.


Elizabeth's representative matters include*: 

  • Represented Equitable Financial Life in the reinsurance to affiliates of Global Atlantic of a 50% quota share of pre-2009 group retirement VA contracts
  • Represented Guardian Life in the reinsurance of a $7.4 billion variable annuity portfolio to Talcott Resolution Life
  • Represented Voya Financial, Inc. in the sale of its life insurance operations to Resolution Life Group Holdings Ltd. for approximately $1.25 billion
  • Represented MetLife in its pending reinsurance of a $19.2 billion block of annuity and non-traditional life business to affiliates of Global Atlantic. 
  • Represented Prudential Financial, Inc. on its agreement to reinsure a $10 billion block of variable annuities with an affiliate of Constellation Insurance Holdings, Inc.
  • Represented Zurich Insurance Group in the sale of an annuity portfolio of approximately $2.6 billion in reserves held in Chile to Ohio National Seguros de Vida S.A.
  • 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.



Brooklyn Law School, J.D., 1995 Syracuse University, B.S., 1991

Bar Admissions

New York, 1996