Jessica G. Schultz

Clients turn to Jessica Schultz for advice on navigating the complex and evolving insurance landscape, leaning on her experience with both regulatory and transactional matters both in-house and in private practice to advise clients about regulator inquiry and negotiation, complex transactions, compliance with state and federal laws, regulations, insurance department guidance, and more.

Jessica advises all clients involved in the insurance industry, including insurance companies, insurance producers and intermediaries, and financial institutions on insurance regulatory filings, examinations, and best practices; reinsurance arrangements and transactions; capital raising; launching innovative products and services; engaging and retaining third-party administrators; merging with and acquiring entities; and compliance with insurance industry requirements and standards.

Represented:

• Nippon Life Insurance Company, one of the largest Japanese life insurance companies in the Asia-Pacific region and globally, on its pending acquisition of Resolution Life, a global life and annuity insurance group. The transaction values Resolution Life at approximately $10.6 billion and is subject to regulatory approvals and other customary closing conditions, expected to close in the second half of 2025.
• A NYSE-listed insurance company in connection with its retention of a third-party administrator with respect to policy and claims administration of certain of the insurer’s closed blocks of term and variable life insurance policies and variable annuities.*
• An Illinois-based insurance company in its retention of a third-party administrator with respect to policy and claims administration of certain closed blocks of disability income insurance policies.*
• A large life insurance, annuity, and retirement savings solutions provider in the following matters:*
  
  • The launch of its first private placement variable annuity.
  • The launch of its second vintage of an innovative sidecar structure, designed to provide growth capacity and capital for the pursuit of large reinsurance transactions.
  • Various regulatory filings and inquiries relating to affiliate and non-affiliate transactions.
• Insurance companies in relation to regulatory issues and requests arising from department of insurance inquiries, objections, exams, and investigations.*
• Athora Holding Ltd., a leading European savings and retirement services group, in:*
  
  • Completing its third private capital raise, securing a total of approximately €2.75 billion of additional permanent equity capital commitments from new and existing shareholders.
  • Both domestic and international regulatory filings, including for affiliate filing entities, relating to certain acquisitions of blocks of insurance policies in the course of 2022 and 2023.
• A leading reinsurer in connection with the issuance of its $400 million catastrophe bond, the first catastrophe bond issuance of 2022.*
• Security Benefit and its subsidiary, Everly Holdings – the owner of Everly, a direct-to-consumer insurance agency – in the acquisition of Settlers Life from National Guardian Life, a leading independent mutual life insurance company.*
• A large publicly traded property and casualty insurer in the following matters:*
  
  • Compliance with all new laws, regulations, and insurance department guidance relating to the insurance industry.
  • Compliance with insurance industry standards and requirements and risk mitigation in connection with certain technology malfunctions.
  • Advice relating to anti-rebating/anti-inducement requirements.
  • The launch and filing of insurance product materials, including policy forms, rating manuals, underwriting guidelines, and actuarial documentation, for approximately twelve (12) states over the course of 2019-2021.
  • Annual review and compliance for investment fund compliance procedures for certain annuities and variable accounts (Rule 38a-1), including preparation and distribution of materials to the board of directors.
  • Review and advice regarding employee welfare plans and the Patient Protection and Affordable Care Act, qualified retirement plans, self-insured plans, and cybersecurity considerations.
  • General workforce and employee-related issues, including with respect to Equal Employment Opportunity Commission charges and responses, subpoenas, and security operations matters relating to the safety and welfare of all employees.
  • Successful resolution of key inquiries and investigations from insurance departments, including those relating to electronic communications for insurance policies, confidential treatment of certain company trade-secrets in use for certain insurance products, and a filing error dating back to 2010.

  Matters with an asterisk (*) signify experience prior to Mayer Brown.

• Indiana University, BA
• DePaul University College of Law, JD

• Illinois