US - Jackson Financial Partners With TPG, Establishes New Captive Reinsurer.

TPG to manage $12bn for Jackson Financial

TPG has agreed a strategic partnership with Jackson Financial under which the private equity firm will initially manage $12bn of assets for the US retirement annuity provider, with the deal expected to be completed in the first quarter, according to a report by Bloomberg. Under the agreement, TPG’s credit business will invest on behalf of Jackson across investment-grade asset-backed credit and direct lending strategies. The firms said the long-t…

US - Jackson Financial Partners With TPG, Establishes New Captive Reinsurer.

Skadden is advising Jackson Financial Inc. on its long-term strategic investment and partnership with TPG Inc., as well as the establishment of Jackson’s new Michigan-based captive reinsurer, Hickory Brooke Reinsurance Company (Hickory Re). The TPG transaction includes a $500 million common equity investment by TPG, representing approximately a 6.5% stake in Jackson, as well as the issuance of $150 million in TPG common stock to a Jackson subsid…