Wilton Re’s Acquisition of Allstate Life Insurance Company of New York

Kirkland & Ellis advised Wilton Re on the deal.

Wilton Re, a leading provider of in-force and reinsurance solutions in the North American life insurance industry, executed its acquisition of Allstate Life Insurance Company of New York (ALNY). The transaction, along with the previously announced agreement to sell Allstate Life Insurance Company and certain affiliates to entities managed by Blackstone, completes Allstate’s exit from the life and annuity businesses. Allstate has agreed to contribute $660 million of capital into ALNY, then receive a payment of $220 million from Wilton Re. The transaction implicates $6 billion of investment assets and facilitates the release by Allstate of an additional $1.7 billion of capital. The transaction is expected to close in the second half of 2021 and is subject to customary closing conditions.

The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with more than 175.9 million proprietary policies. Allstate offers a broad array of consumer protection products through diverse distribution channels, including auto and home insurance. 

The Kirkland team advising Wilton Re was led by corporate partners Rajab Abbassi (Picture) and David Perechocky. The team also included corporate associates Elvira Li and Fernanda Langa, insurance regulatory partner Parimah Hassouri, technology & IP transactions partner Shellie Freedman and associate Kevin Jacobsen, tax partners Mike Carew and Polina Liberman, executive compensation partner Rohit Nafday and associate John Kleinjan, employee benefits partner Jeffery Quinn and associate Caitlin Bernice Pyrce, real estate partners Rachel Brown and Jessica Schultz, investment funds partners Scott Moehrke, Mark Boyagi and Michael Chu, and antitrust & competition partner Michael Thorpe.

Involved fees earner: Mark Boyagi – Debevoise & Plimpton; Rajab Abbassi – Kirkland & Ellis; Rachel Brown – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Michael Chu – Kirkland & Ellis; Parimah Hassouri – Kirkland & Ellis; Kevin Jacobsen – Kirkland & Ellis; John Kleinjan – Kirkland & Ellis; Fernanda Langa – Kirkland & Ellis; Elvira Li – Kirkland & Ellis; Polina Liberman – Kirkland & Ellis; Scott Moehrke – Kirkland & Ellis; Rohit Nafday – Kirkland & Ellis; David Perechocky – Kirkland & Ellis; Caitlin Pyrce – Kirkland & Ellis; Jeffrey Quinn – Kirkland & Ellis; Jessica Schultz – Kirkland & Ellis; Michael Thorpe – Kirkland & Ellis; Shellie Weisfield Freedman – Kirkland & Ellis;

Law Firms: Debevoise & Plimpton; Kirkland & Ellis;

Clients: Wilton Re Limited ;

Author: Martina Bellini