Global law firm Proskauer served as counsel to Presidential Life Corporation on its proposed $415 million acquisition by Athene Annuity & Life Assurance Company. The transaction is expected to close late this year and is subject to customary closing conditions.
Under the terms of the deal, Presidential Life, which markets and sells a variety of fixed annuity, life insurance and accident and health insurance products through its wholly owned subsidiary, Presidential Life Insurance Company, will become a unit of Athene Annuity, a Delaware-domiciled insurer focused on retail fixed and index annuity sales and reinsurance that is a subsidiary of Bermuda-based Athene Holding Ltd.
The Proskauer team was led by Partner Julie M. Allen (Corporate), along with Partners Michael J. Album (Employee Benefits & Executive Compensation) and Andrea S. Rattner (Tax) and Associates Charley E. Lozada, Daniel J. Cocca Jr. (Corporate) and Stephen I. Brecher (Tax), all from the firm’s New York office.
