Talcott Financial Group has completed its previously announced reinsurance transaction with Lincoln Financial.
Under the terms of the agreement, Talcott reinsured approximately $6.3bn in liabilities, primarily composed of a run-off block of universal life with secondary guarantee policies. Lincoln Financial continues to administer and service the reinsured policies.
The transaction was first announced in July and marks the second reinsurance agreement between Lincoln and Talcott, following a variable annuity flow reinsurance transaction announced in 2021.
WTW served as actuarial advisor, RBC Capital Markets and TD Securities (USA) served as financial advisors, and Conyers Dill & Pearman and Debevoise & Plimpton served as legal counsel for this transaction.
