Nishimura & Asahi is advising the life insurance arm of Japanese conglomerate Orix Corp. on its proposed $895 million acquisition of Hartford Financial Services Group Inc.’ s Japanese annuity business.

Orix Life Insurance Corp. will purchase all the issued shares in Hartford Life Insurance K.K. in a deal slated to close in July pending regulatory approval.

In a statement, Hartford said the sale would raise capital for the company and eliminate the risk inherent in the variable annuity business. Following the global financial crisis in 2008, many Japanese insurers were hit hard by the poor performance of the investments they had expected to fund annuity payments.

Nishimura partners Masahiro Ueno and Takuya Oshida are leading the team advising Orix Life Insurance.

Sidley Austin Tokyo partners Tomoo Nishikawa and Akira Nakazawa, along with Chicago partners Sean Keyvan and Perry Shwachman, are acting for Hartford.

Email: tbrennan@alm.com.