WASHINGTON (August 10, 2001) – Sutherland Asbill & Brennan LLP represented Lincoln National Corporation in the recent sale of its reinsurance business, Lincoln Re, to Swiss Re for $2.0 billion. This significant transaction, which was announced on July 29, 2001 and is expected to close in the fourth quarter of 2001, will combine the number one and number two life reinsurers in the United States. The sale of Lincoln will further advance Lincoln National's evolution from a multi-line insurer to a financial services company focused on providing wealth accumulation and protection products and services. In addition, it will strengthen Swiss Re's position as one of the world's largest reinsurers.
Lincoln National has been a long-time Sutherland client, and Sutherland has advised and assisted Lincoln National in connection with a number of major transactions, including Lincoln National's 1997 sale of its property-casualty subsidiary to Safeco for $3.1 billion, its purchase of CIGNA's individual life insurance and annuity business for $1.4 billion in 1997 and its acquisition in 1998 of Aetna's individual life insurance and corporate-owned life insurance businesses for $1 billion. Sutherland partner David Massey served as lead outside deal counsel for the Lincoln Re team with support from associates Ling Ling, Jennifer Rawert, and Michelle Yale. The Sutherland team included partner Michael Miles handling tax matters, partner Carol Weiser and associate Adam Cohen dealing with the employee benefits aspects, and partner Michael Johnson and associate Eric Ciccoretti assisting with corporate and reinsurance issues.
Lincoln National, headquartered in Philadelphia, PA, is the one of the largest sellers of variable annuities and life insurance products in the United States. Through its wealth accumulation and protection businesses, the company provides annuities, life insurance, 401(k) plans, mutual funds, institutional investment management and financial planning and advisory services.
Sutherland Asbill & Brennan LLP is a national law firm known for solving challenging business problems and resolving unique legal issues for many of the nation's largest companies. Founded in 1924, the firm has grown to more than 325 lawyers with offices in Atlanta, Austin, New York, Tallahassee and Washington.