Sidley represented Genworth Financial Inc. (NYSE: GNW), the U.S. Fortune 500 insurance and financial services company, in the recently completed sale of its London-based lifestyle protection insurance (LPI) business to AXA for €465 million (approximately $490 million) in cash. According to Genworth, the disposition was an important step toward simplifying its business portfolio and increasing its financial flexibility. The acquisition will provide AXA, the Paris-based multinational insurance company, entry into new credit and lifestyle protection markets, including the Nordics and Southern Europe.

The sale of the LPI business, which provides lifestyle protection products to consumers throughout Europe and in parts of Asia and Latin America, required the parties to navigate complex legal and regulatory issues on three continents. Because of its robust U.S. and European insurance transaction practices, and its regulatory practices in Asia, Sidley is uniquely positioned to handle complex, cross-border insurance mergers and acquisitions. The cross-border Sidley team was led by Insurance practice co-leader Perry Shwachman and Insurance partner Sean Carney in Chicago, and London insurance practice leader Martin Membery. The Sidley team also included London partners Steve Blackshaw (Corporate), Nicholas Turner (Employee Benefits), Will Smith (Tax) and William Long (Privacy), and PRC consultant Tim Liang.