A team of Dewey & LeBoeuf lawyers is representing insurance holding company Genworth Financial in the $290 million sale of its Medicare supplement business and related blocks of in-force business to Aetna Inc.

The transaction involves the sale of Med supp writer Continental Life Insurance Company of Brentwood, Tennessee and includes the reinsurance of two blocks of in-force Medicare supplement insurance written by other Genworth entities. According to Genworth, the transaction represents another step in its strategy of concentrating on market segments where it has the strongest value proposition. 

The Dewey team is led by Alex Dye and includes Frank Monaco, Richard Spitzer, John Kennedy, Arthur Hazlitt, Domnick Bozzetti, Spencer Wood, Magnus Karlberg, Tatiana Connolly and Carla Small. 

The transaction is expected to close in the fourth quarter of 2011.