Liana-Marie Lien

Ms. Lien has experience in a diverse range of corporate transactions in the insurance industry, including private and public acquisitions and divestitures, reinsurance transactions, capital-raising transactions and insurance regulatory matters.

Notable transactions include representing:

• Principal Financial Group, Inc. in its $25 billion reinsurance transaction with Talcott Resolution to reinsure approximately $16 billion of in-force U.S. retail fixed annuity and $9 billion of in-force universal life insurance with secondary guarantee blocks of business;
• XL Group Ltd. in its $15.3 billion acquisition by AXA SA;
• Apollo Global Management, Inc. in its $11 billion merger with Athene Holding Ltd.;
• Ameriprise Financial, Inc. in an $8 billion annuity reinsurance transaction, and a prior $1.7 billion annuity reinsurance transaction, with subsidiaries of Global Atlantic;
• Manulife Financial Corporation in reinsurance transactions in which it ceded approximately $8 billion of policy liabilities related to its legacy U.S. group payout annuities to Jackson National Life Insurance Company, and approximately $4 billion of policy liabilities related to its legacy U.S. individual payout annuities to RGA Reinsurance Company;
• Privilege Underwriters Inc. in its $3.1 billion sale to Tokio Marine Holdings, Inc.;
• Massachusetts Mutual Life Insurance Company in the $2.35 billion sale of its retirement plan business to Empower Retirement;
• Farm Bureau Property & Casualty Insurance Company and the Iowa Farm Bureau Federation in connection with their proposed going-private acquisition of FBL Financial Group, Inc.;
• American Financial Group in its:
  • $660 million going-private acquisition of National Interstate Corporation; and
  • $190 million dual-tranche catastrophe bond offering by a subsidiary of American Financial Group through its special purpose insurer;
• Citigroup Inc. in its:
  • sale of Financial Reassurance Company 2010, Ltd. (Bermuda) to a subsidiary of Munich Re; and
  • the transfer of a coinsurance agreement covering a block of term life insurance policies to a subsidiary of Swiss Re Life & Health America Inc, resulting in a reduction of $2.5 billion of assets from Citi Holdings’ balance sheet;
• Permira Funds in the $765 million sale of its portfolio company PHARMAQ Holding AS to Zoetis Inc.;
• Highmark Inc. in its affiliation with HealthNow New York Inc., d/b/a/ Blue Cross Blue Shield of Western New York and Blue Shield of Northeastern New York;
• NBIC Holdings, Inc., the parent company of Narragansett Bay Insurance Company, in its $250 million acquisition by Heritage Insurance Holdings, Inc.; and
• Liberty Mutual Insurance Company in the establishment of a $160 million collateralized reinsurance program involving the formation of its special purpose insurer Limestone Re Ltd.