Sale of GABC Annuities

GABC, NOLHGA and the affected guaranty associations agreed in the Restructuring Agreement to pursue the transfer of GABC's annuity obligations to a third-party commercial life insurer on a periodic basis. GABC initiated a competitive bid process with multiple life insurers in 2024 to satisfy that obligation. The process resulted in the negotiation of an Assumption Reinsurance Agreement (the "ARA") with Pacific Life Insurance Company and its subsidiary, Pacific Life & Annuity Company (together, "Pacific Life"). Under the ARA, Pacific Life agreed to assume GABC's remaining annuity payment obligations with no change in annuity benefits payable under any GABC annuity.

The closing of the ARA was subject to a number of conditions, including approval from the court overseeing the liquidation of ELNY (the Supreme Court of the State of New York, County of Nassau) (the "Liquidation Court"). In December 2025, GABC filed an Order to Show Cause seeking such approval from the Liquidation Court. On April 20, 2026, the Liquidation Court approved the ARA. On July 1, 2026, the transactions contemplated under the ARA closed and Pacific Life assumed all of GABC’s remaining annuity obligations. Pacific Life now has direct responsibility for the payment of all benefits and for all obligations under the GABC annuities it assumed.

Frequently Asked Questions regarding ARA.

Liquidation Court Filings, Orders and Notices

• Order Approving Assumption Reinsurance Agreement (4/20/2026)
• Notice of Order to Show Cause
• Order to Show Cause (12/10/25)
• GABC’s Verified Petition (12/9/25)
  • Ex A - Restructuring Agreement
  • Ex B – Liquidation Order
  • Ex C – Assumption Reinsurance Agreement
  • Ex D – Joinder Agreement
  • Ex E – Gibson Affidavit
  • Ex F – Cozza Affidavit
• Memorandum in Support of Verified Petition (12/9/25)
• Proposed Order to Show Cause (12/9/25)
  • Annex A – Proposed Notice

Liquidation Court's ELNY Docket

Liquidator's ELNY Website