Northwestern Mutual Life Insurance Co., the No. 2 seller of the coverage in the U.S. last year, is turning to property investments and private deals after scaling back from stocks during last year’s rally.
Northwestern Mutual Life Insurance Co. sold the Seattle headquarters of its Russell Investment Group unit for $480 million, the largest deal for a single office building in the western U.S. since 2006.
LTAP US LLP, a purchaser of life insurance policies in the so-called life settlement market, filed for Chapter 11 protection yesterday in Delaware to protect what it believes is the value of the portfolio above the $222.5 million owing to secured lender Wells Fargo Bank NA , as agent.
Russell Investments, the indexing and fund-management unit of Northwestern Mutual Life Insurance Co., is drawing takeover interest from suitors including Blackstone Group LP and Bain Capital LLC as Goldman Sachs Group Inc. solicits bids for the firm, people with knowledge of the matter said.