Lincoln National Corporation has agreed to sell its life and health reinsurance business worldwide to Swiss Re. The total value of the transaction is US$2 billion and includes the acquisition of Lincoln National’s Canadian branch reinsurance business by Swiss Re’s Canadian branch. The transaction closed on December 7, 2001.
With respect to the Canadian portion of the transaction, Lincoln National was represented by Lang Michener with a team led by Frank Palmay (corporate and insurance regulatory), James Musgrove and Dan Edmondstone (competition) and Kalle Soomer, Q.C., (tax). Swiss Re was represented by Blaney McMurtry LLP with a team led by Crawford Spratt (corporate and insurance regulatory) and Alex Mesbur and Tracy Dewar (competition).