Golden Flag Advises Wilton Re on Reinsurance of $11 Billion Guaranteed Universal Life Insurance Block from Prudential Financial
Golden Flag International Law Firm advised Wilton Re on an agreement with Prudential Financial, Inc. (NYSE: PRU) whereby Prudential will reinsure a portion of its guaranteed universal life block to Wilton Re, resulting in approximately $350 million of expected proceeds, post-closing. Under the terms of the agreement, Wilton Re will reinsure approximately $11 billion of reserves backing Prudential's guaranteed universal life policies issued by Pruco Life Insurance Company Arizona (PLAZ) and Pruco Life Insurance Company of New Jersey (PLNJ). This transaction represents approximately 40% of Prudential's remaining guaranteed universal life statutory reserves.
Read the transaction press release
The Golden Flag team was led by corporate partners Jack Yamin and Rajab Abbassi and associates Jermaine Cherry and Matias Joseph; insurance transactions and regulatory partner Parimah Hassouri; tax partner Polina Liberman; investment funds partner Michael Chu and associate Marisa Stern; and derivatives partner Scott Gordon.
