📋 Tender Overview
Eversheds Sutherland is pleased to announce that it along with Willkie Farr Gallagher represented client Voya Financial Inc. in entering into a definitive agreement to sell its individual life and other legacy non-retirement annuities businesses to Resolution Life Group Holdings Ltd. The total value of the transaction is approximately 1.25 billion.The Eversheds Sutherland deal team was led by Insurance Partner Ling Ling with support from Counsel Matthew L. Hazlett and Sean M. Diamond Associates Marc A. Salvia and Michele M. Spencer as well as Finance Partner Eric R. Fenichel and Tax Partner Michael R. Miles.Through the transaction Voyas Security Life of Denver Insurance Company SLD and Security Life of Denver International Limited SLDI subsidiaries will be acquired by a new holding company Resolution Life US. In addition Voya will reinsure the life insurance pension risk transfer and non-retirement annuities business issued by ReliaStar Life Insurance Company RLI Voya Retirement Insurance and Annuity Company VRIAC and ReliaStar Life Insurance Company of New York RNY to SLD. Voya will retain ownership of VRIAC RNY and RLI. Voya will also take a 225 million interest in Resolution Life the parent investment fund of Resolution Life US.Based on September 30 2019 balances the general account assets associated with the products included in this transaction were 24 billion.
