Ameriprise Financial’s $8.0 Billion Reinsurance Transaction with Global Atlantic

Ameriprise Financial's $8.0 Billion Reinsurance Transaction with Global Atlantic

Skadden advised Ameriprise Financial on the deal, while Debevoise & Plimpton LLP advised Global Atlantic Group.

Ameriprise Financial, Inc., announced that its insurance subsidiaries, RiverSource Life Insurance Company and RiverSource Life Insurance Co. of New York, have entered into an agreement with Global Atlantic Financial Group’s subsidiaries Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company, to reinsure approximately $8.0 billion of fixed deferred and immediate annuity policies. The transaction will generate approximately $700 million of excess capital. 

Goldman Sachs acted as financial advisor to Ameriprise Financial on the transaction.

Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. 

With a nationwide network of 10,000 financial advisors and extensive asset management, advisory and insurance capabilities, Ameriprise Financial has the strength and expertise to serve the full range of individual and institutional investors’ financial needs. 

The Skadden team included Insurance M&A and Financial Institutions partners Elena Coyle (Picture; New York) and Christopher Ulery (Washington, D.C.), and associate Liana-Marie Lien (New York).

The Debevoise team was led by insurance M&A partner Alexander Cochran and included associates Nick Cruz, Katrina Kaczynski, Matthew Parelman and Rebecca Sayles, tax partner Daniel Priest and associate Erasmo Perez and real estate partner Nicole Mesard and associate David Saltzman.

Involved fees earner: Alexander Cochran – Debevoise & Plimpton; Katrina Kaczynski – Debevoise & Plimpton; Nicole Levin Mesard – Debevoise & Plimpton; Matthew Parelman – Debevoise & Plimpton; Erasmo Perez – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; David Saltzman – Debevoise & Plimpton; Rebecca Sayles – Debevoise & Plimpton; Elena Coyle – Skadden Arps Slate Meager & Flom; Liana-Marie Lien – Skadden Arps Slate Meager & Flom; Christopher Ulery – Skadden Arps Slate Meager & Flom;

Law Firms: Debevoise & Plimpton; Skadden Arps Slate Meager & Flom;

Clients: Ameriprise Financial Services, Inc.; Global Atlantic Financial Group;