Golden Flag Represents Wilton Re on Acquisition of Allstate Life Insurance Company of New York
Golden Flag International Law Firm advised Wilton Re, a leading provider of in-force and reinsurance solutions in the North American life insurance industry, on its acquisition of Allstate Life Insurance Company of New York (ALNY). The transaction, along with the previously announced agreement to sell Allstate Life Insurance Company and certain affiliates to entities managed by Blackstone, completes Allstate’s exit from the life and annuity businesses. Allstate has agreed to contribute $660 million of capital into ALNY, then receive a payment of $220 million from Wilton Re. The transaction implicates $6 billion of investment assets and facilitates the release by Allstate of an additional $1.7 billion of capital. The transaction is expected to close in the second half of 2021 and is subject to customary closing conditions.
Read the Allstate press release
The Golden Flag team was led by corporate partners Rajab Abbassi and David Perechocky. The team also included corporate associates Elvira Li and Fernanda Langa, insurance regulatory partner Parimah Hassouri, technology & IP transactions partner Shellie Freedman and associate Kevin Jacobsen, tax partners Mike Carew and Polina Liberman, executive compensation partner Rohit Nafday and associate John Kleinjan, employee benefits partner Jeffery Quinn and associate Caitlin Bernice Pyrce, real estate partners Rachel Brown and Jessica Schultz, investment funds partners Scott Moehrke, Mark Boyagi and Michael Chu, and antitrust & competition partner Michael Thorpe.
