Parimah Hassouri

Kirkland & Ellis is advising Oaktree Capital Management, L.P. on the $420 million acquisition of Ambac Financial Group, Inc.’s (NYSE: AMBC) legacy financial guarantee insurance businesses, Ambac Assurance Corporation and Ambac UK. Oaktree will also receive warrants to acquire up to 9.9% of Ambac common stock at a strike price of $18.50. The transaction’s closing is subject to customary conditions, including regulatory approvals in the U.S. and U.K. and approval by Ambac’s shareholders, and is expected to take place in the fourth quarter of 2024 or first quarter of 2025. Read the transaction press release The Kirkland team was led by corporate partners Rajab Abbassi, Hamed Meshki and Kimberly Meng Han and associates Spencer Brass, Tammy Adereti, Joanne Moon and Jorge Arias; capital markets partners Rachel Sheridan, Shagufa Hossain and Anthony Sanderson and associate Aaron Simons; executive compensation partner Jack Stratton and associate Ambra Casonato; technology & IP transactions partner Matt Lovell and associate Justin Garfinkle; regulatory partners Parimah Hassouri and Daniel Fallon; tax partners Mike Beinus, Vivek Ratnam and Jake Jung; litigation partners Josh Greenblatt and Amal El Bakhar and associate Mary Guyer; employee benefits partners Matthew Antinossi; employment & labor partner Mari Stonebraker; and debt finance partners Katrina Levy and David Nemecek.

Jun 5

1 min

Kirkland & Ellis is advising Bain Capital Insurance on a recapitalization of full-service insurance claims management business Ryze Claim Solutions, which will support continued organic growth and launch a strategic acquisition initiative. The definitive agreement was announced on February 12, 2024. Following the close, Ryze will be majority-owned by Bain Capital Insurance with members of the management team and select individuals retaining a meaningful ownership stake in the business. Bain Capital Insurance is the dedicated insurance investing unit of private investment firm Bain Capital. Read the transaction press release The Kirkland team is being led by corporate partners Dave Gusella and Rajab Abbassi and associate Sydney Hood, with assistance from corporate associates George Colligan and Samantha Pineo; tax partners Michael Carew, Christine Lehman and Christopher Worek and associate Leah Rachow; insurance regulatory partner Parimah Hassouri; executive compensation partner Scott Price and associates Jenny Cha and Rebecca Arnall; technology & IP transactions partner Vladimir Khodosh and associate Seth Pritchard; debt finance partners Melissa Hutson and Timothy Hughes and associates Matt Truedson and Judah Batist.

Feb 12

1 min

Kirkland & Ellis advised Protective Life Corporation (Protective), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), on an agreement for Protective’s principal subsidiary, Protective Life Insurance Company, to acquire ShelterPoint Group, Inc., a leading provider of statutory disability, paid family and medical leave and medical gap insurance products, among others. The transaction is expected to close before the end of the year, pending regulatory approvals and other customary closing conditions. Read Protective’s press release The Kirkland team was led by corporate partners Kimberly Meng Han and Rajab Abbassi and associates Alex Rodriguez Perez, Shaq Taylor and Aburiyeba Ibiye Amaso; insurance regulatory partner Parimah Hassouri; tax partner Polina Liberman and associate Joey Morley; technology & IP transactions partner Jeffrey Seroogy and associates Rob Patrignani and Leonor Suarez; healthcare partner Anthony Del Rio and associate Jonathan Deitch; transactional liability insurance partner Hayley Hollender; and antitrust partner Andrea Murino and associates Chris Salvatore and Declan Duggan, with additional support from corporate associate Alex Adamis.

Apr 10

1 min

Kirkland & Ellis 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 Kirkland 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.

Aug 20

1 min

Kirkland & Ellis advised 26North Reinsurance Holdings (26N Re), a leading reinsurance partner to the life and annuity industry, on the completion of a $4.9 billion reinsurance transaction with Life Insurance Company of the Southwest (LSW), a member company of National Life Group (NLG). The transaction brings 26North's total assets under management to approximately $22 billion. The deal was announced May 7, 2024. Through the transaction, 26N Re will reinsure a seasoned and diversified block of LSW's multi-year guarantee and fixed index annuity products. 26N Re has also agreed to provide quota share reinsurance for future fixed annuities issued by LSW. NLG, through one of its companies, is a minority owner in the 26N Re subsidiary reinsuring the policies ceded by LSW. Read 26North’s press release The Kirkland team is led by corporate partner Rajab Abbassi and associate Alex Adamis; insurance transactions and regulatory partner Parimah Hassouri; investment funds partner Michael Chu and associate Marisa Stern; debt finance partners Judson Oswald and Douglas Tedeschi and associates Tanya Embers, Grant Gannon and Ben Wetzel; technology and IP transactions partner Todd Herst and associate Srinithi Narayanan; and investment funds regulatory partner Daniel Kahl.

May 7

1 min