Skadden is advising JAB Insurance on its acquisition of Columbian Mutual Life Insurance Company (CML) and its subsidiary Columbian Life Insurance Company (CLIC), both of which are in rehabilitation. The acquisition is the centerpiece of a proposed Plan of Rehabilitation of CML and provides for an infusion of new equity capital to secure a stable, permanent home for policyholders. It is subject to approval by the courts supervising the rehabilitations of CML and CLIC, as well as regulatory approvals. The transaction provides for continuity of CML operations in the Binghamton, New York area post-closing.
The Skadden team is led by Elena Coyle and Ron Meisler.