Form 4: Lincoln National Life Insurance Co. Reduces Stake in Kayne Anderson Energy Infrastructure Fund

Lincoln National Life Insurance Co. reports the disposition of Series SS Senior Notes and the maturity of Series OO Senior Notes in Kayne Anderson Energy Infrastructure Fund.

Summary

• On June 28, 2024, Lincoln National Life Insurance Co. transferred its investment in Series SS 4.67% Senior Notes due August 2, 2034, to an affiliate for $4,873,150 as part of a reinsurance transaction.
• On October 29, 2024, the Series OO 3.46% Senior Notes due October 29, 2024, matured, and the issuer repaid the original principal amount of $2,012,507 plus accrued interest.

Sentiment

Score: 5

Explanation: The document reports routine transactions (maturity and reinsurance transfer) with no indication of significant positive or negative sentiment.

Industry Context

This filing reflects portfolio adjustments by a major institutional investor in the energy infrastructure sector. Reinsurance transactions are common strategies for managing risk and capital within insurance companies.

Comparison to Industry Standards

• Comparable transactions would include other instances of institutional investors adjusting their holdings in energy infrastructure funds, such as those reported by firms like BlackRock or Brookfield Asset Management.
• The reported transactions are typical for institutional investors managing large portfolios of fixed-income securities.
• The reinsurance transaction is a standard risk management practice in the insurance industry, similar to strategies employed by companies like Prudential or MetLife.

Related Party Transactions

• The transfer of Series SS Senior Notes to an affiliate is a related party transaction.

Stakeholder Impact

• The maturity of the Series OO notes impacts the fund's debt structure and cash flow.
• The reinsurance transaction may indirectly affect policyholders of Lincoln National Life Insurance Co.

Key Dates