Robert S. Rachofsky

Willkie represented Sixth Street in the transaction between an affiliate of Talcott Resolution and Principal. On January 31, Sixth Street announced that a non-U.S. affiliate of its insurance platform Talcott Resolution Life signed a $25 billion reinsurance transaction with Principal Financial Group. Under the terms of the transaction, the Talcott Resolution affiliate will reinsure approximately $25 billion of liabilities, comprised of $16 billion and $9 billion of retail fixed annuity and secondary guarantee universal life insurance liabilities, respectively, from Principal. Principal will continue to service and administer the policies of the reinsured blocks of business. Sixth Street is a global investment firm with over $60 billion in assets under management and committed capital. Sixth Street invests in and offers solutions to companies in the insurance and reinsurance industry through its dedicated insurance affiliates as well as its $25 billion Sixth Street TAO platform. Willkie previously represented Sixth Street in a $35 billion reinsurance transaction alongside Resolution Life to acquire blocks of insurance policy business from Allianz Life. The Firm also advised Sixth Street on the 2021 acquisition of Talcott Resolution from a consortium of investors. The Willkie team was led by partners Robert Rachofsky, Michael Stern, Alexander Dye and Mark Proctor.

Feb 3

1 min

Willkie represented Sixth Street in a reinsurance transaction alongside Resolution Life to acquire blocks of insurance policy business from Allianz Life. Willkie client Sixth Street (and affiliates including insurance platform Talcott Resolution Life Insurance Company) and Resolution Life have closed a transaction with Allianz Life to reinsure a $35 billion fixed index annuity portfolio. The deal, one of the largest reinsurance transactions of its kind and the biggest to date for Allianz’s life back books, is expected to unlock $4.1 billion in value and free up regulatory capital for more efficient balance sheet management for Allianz. Allianz Life, a subsidiary of global financial services company Allianz SE, is a leading provider of annuities and life insurance products in the United States, with over $156 billion in assets under management. Sixth Street is a global investment firm with over $55 billion in assets under management and committed capital. Sixth Street invests in the insurance and reinsurance industry through its $25 billion Sixth Street TAO platform and other dedicated insurance affiliates, including Talcott Resolution Life Insurance Company. Willkie previously represented Sixth Street in its 2021 acquisition of Talcott Resolution Life Insurance Company from a consortium of investors. The Willkie team was led by partners Robert Rachofsky, Michael Stern, Elizabeth Bannigan, Viktor Okasmaa and Mark Proctor.

Jan 7

1 min

Willkie is representing KKR in the acquisition of retirement and life insurance provider Global Atlantic. On July 8, KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group Limited announced that KKR will acquire all of the outstanding shares of retirement and life insurance company Global Atlantic for the company's book value, which was approximately $4.4 billion as of March 31, 2020. KKR expects to fund the acquisition, net of equity roll-over participation, from a combination of cash on hand, proceeds from potential minority co-investors and the issuance of new debt and/or equity by KKR. After closing, Global Atlantic will continue to operate as a separate business with its existing brands and management team. Global Atlantic Financial Group Limited, through its subsidiaries, offers a broad range of retirement, life and reinsurance products. It serves more than two million policyholders through its retirement and life insurance products and is one of the largest fixed rate and fixed indexed annuity providers in the United States, offering annuities for individuals through a network of banks, broker-dealers, and insurance agencies as well as life insurance for individuals and corporates. Global Atlantic is also a leader in the institutional channel, providing customized reinsurance solutions to its life and annuity company clients. KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. The Willkie team was led by partners Allison Tam and Robert Rachofsky, and included counsel Christopher Petito and Yevgeniy Markov and associate Erin Donnelly.

Jul 9

1 min

Willkie advised American International Group, Inc. (NYSE: AIG) on its definitive agreement to sell its global individual personal travel insurance and assistance business to Zurich Insurance Group for $600 million in cash plus additional earn-out consideration. Announced on June 26, 2024, the sale includes AIG’s Travel Guard business and its servicing capabilities, excluding Japan and AIG’s joint venture arrangement in India. AIG’s global personal travel insurance and assistance business provides a broad range of coverage options and services, including trip cancellation, medical assistance and evacuation. The sale is expected to close by the end of 2024, subject to customary closing conditions, including regulatory approvals. AIG is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners. The Willkie team was led by partners Laura Delanoy and Robert Rachofsky and included partners David Heales, Morgan McDevitt, Eugene Chang and Geri McEvoy.

Jun 26

1 min

Willkie represented Sixth Street, a leading global investment firm, in its acquisition of Talcott Resolution Life Insurance Company from a consortium of investors. On January 20, it was announced that Willkie client Sixth Street, a leading global investment firm, entered into a definitive agreement to acquire Talcott Resolution Life Insurance Company from a consortium of investors, led by Cornell Capital LLC, Atlas Merchant Capital LLC, TRB Advisors LP, Global Atlantic Financial Group, Pine Brook, J. Safra Group, and The Hartford. Talcott Resolution is a leading strategic partner for the insurance industry, offering a broad range of execution-focused capabilities, state-of-the-art technology and analytics, and in-force and new business solutions that provide capital flexibility and risk management efficiencies. It manages over $90 billion in liabilities and surplus for approximately 900,000 customers across the span of the Talcott businesses, including nearly 600,000 annuity contract holders. The deal is expected to allow Talcott to continue its highly successful transformation and growth strategy implemented in partnership with the investor consortium. Sixth Street is a global investment firm with over $50 billion in assets under management and committed capital, operating nine diversified, collaborative investment platforms. Founded in 2009, Sixth Street has more than 320 team members including over 145 investment professionals in nine locations around the world. The multidisciplinary Willkie deal team was led by partners Robert Rachofsky and Allison Tam, counsel Yevgeniy Markov and associates Donald Casey and John DiNapoli, and law clerk Myia Williams.

Feb 2

1 min