Appleby acted as counsel to Global Atlantic Financial Group Limited (Global Atlantic) in connection with the sale of Global Atlantic to a subsidiary of KKR & Co. Inc. (KKR).
Appleby provided Bermuda law advice to the Global Atlantic group of companies in connection with the structuring of the transaction, preparation of documents effecting the transaction and regulatory matters.
Global Atlantic will operate as a consolidated subsidiary of KKR, with KKR owning a controlling interest in Global Atlantic of approximately 60%.
Global Atlantic is one of the largest fixed rate and fixed annuity providers in the United States, serving more than two million policyholders through its retirement and life insurance products. It offers annuities for individuals through a network of banks, broker-dealers, and insurance agencies, as well as life insurance for individuals. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients. It offers capabilities across block, flow, and pension risk transfer reinsurance to meet its clients' needs.
Global Atlantic has delivered strong performance since the transaction was announced in July 2020. Based on preliminary financial results of Global Atlantic as of December 31, 2020, the estimated value of the Global Atlantic assets to be managed by KKR as of the closing is approximately $90 billion. Driven principally by three reinsurance block transactions, this represents asset growth of approximately 25% since the announcement of the transaction.
Partner Brad Adderley led the deal with assistance from Senior Associate Josephine Noddings and Associate Jason Green.