Jackson National Life Insurance Company’s Agreements to Reinsure John Hancock Life Insurance Company’s Group Payout Annuity Business

Debevoise & Plimpton LLP is advising Jackson National Life Insurance Company (Jackson) on its agreements to reinsure 100% of the Group Payout Annuity business of John Hancock Life Insurance Company and its New York affiliate.

In total, the transaction involves Jackson indemnity reinsuring approximately $5.5 billion of statutory reserves, representing an increase in Jackson’s general account liabilities of approximately 10%.

Jackson National Life Insurance Company, together with its subsidiaries, provides annuity products, investment contracts, and life insurance products to retail customers, institutional investors, industry professionals, and its clients in the United States. The company, led by Barry Lee Stowe, operates as a subsidiary of Brooke Life Insurance Company.

The Debevoise team is led by partners Nicholas Potter (Picture) and Thomas M. Kelly and includes partner Gary M. Friedman; counsel Serhat T. Krause; and associates Rebecca J. Sayles, Arianna E.B. Thompson, P. Sebastian Ruiz, Samuel D. Krawiecz and Daniel Priest.

 

Involved fees earner: Nicholas Potter – Debevoise & Plimpton; Thomas Kelly – Debevoise & Plimpton; Rebecca Sayles – Debevoise & Plimpton; Arianna Thompson – Debevoise & Plimpton; P. Sebastian Ruiz – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Gary Friedman – Debevoise & Plimpton; Samuel Krawiecz – Debevoise & Plimpton; Serhat Krause – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Jackson National Life Insurance Company;