Wilton Re’s Agreements to Reinsure Legacy Long-Term Care Insurance Policies from CNO Financial’s Bankers Life Subsidiary

Debevoise & Plimpton LLP is advising Wilton Re on its agreements to reinsure legacy comprehensive and nursing home long-term care insurance policies from Bankers Life and Casualty Company, a subsidiary of CNO Financial Group, Inc.

In total, Wilton Re will assume $2.7 billion of LTC statutory reserves through administrative reinsurance agreements with CNO. Additionally, CNO will pay a ceding commission of $825 million to Wilton Re and Wilton Re will assume administration for the business after a transition period.

Wilton Re is a leading provider of In Force Solutions. Focusing on the North American life insurance market, the company, led by Chris Conrad Stroup, provides risk capital and related services including M&A.

The Debevoise team is led by Marilyn A. Lion (Picture) and includes partner Peter F.G. Schuur; counsel Michael D. Devins; and associates Kristen A. Matthews, Khrystyna Rayko, Arianna B. Thompson, Daniel Priest and Samuel Krawiecz.

Involved fees earner: Marilyn Lion – Debevoise & Plimpton; Michael Devins – Debevoise & Plimpton; Kristen Matthews – Debevoise & Plimpton; Khrystyna Rayko – Debevoise & Plimpton; Peter Schuur – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Samuel Krawiecz – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Wilton Re Limited ;

Author: Ambrogio Visconti