Skadden is advising Lincoln Financial on its agreement with Talcott Financial Group under which Lincoln will cede approximately $5.8 billion of in-force guaranteed universal life (“GUL”) statutory reserves, representing approximately 37% of Lincoln’s remaining in-force GUL block, to a Talcott subsidiary. In connection with the transaction, Lincoln will also reinsure approximately $500 million of funding agreement business with a subsidiary of Talcott.
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2026.
Lincoln Financial is a financial services company, with products including annuities, life insurance, group protection and retirement plan services.
The Skadden team includes Elena Coyle, Heather Cruz, Yossi Vebman and Jared Binstock.