Global Atlantic closes $19 billion reinsurance agreement with MetLife
16 Novembre 2023 - 1:15PM
Business Wire
Global Atlantic Financial Group (“Global Atlantic”), a leading
insurance company meeting the retirement and life insurance needs
of individuals and institutions, today announced it has closed a
previously announced reinsurance agreement with MetLife, Inc.
(NYSE: MET). The transaction, signed between subsidiaries of the
two companies in May, reinsures a seasoned and diversified block of
MetLife’s U.S. retail annuity and life insurance business. General
account assets under management supporting the transaction at
signing were approximately $13 billion.
Under the terms of the agreement, MetLife transferred general
account assets for the block to Global Atlantic subsidiaries First
Allmerica Financial Life Insurance Company and Commonwealth Annuity
and Life Insurance Company. MetLife will retain servicing and
administration of the policies.
With this deal, Global Atlantic further advances its position as
a reinsurer of choice in the annuity and life insurance
marketplace. The company has established a 20-year track record,
closing multi-billion dollar deals in the U.S., as well as
internationally. In all, Global Atlantic has partnered with over 25
clients on nearly 40 transactions, reinsuring more than $110
billion of assets since inception.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company
meeting the retirement and life insurance needs of individuals and
institutions. With a strong financial foundation and risk and
investment management expertise, the company delivers tailored
solutions to create more secure financial futures. The company's
performance has been driven by its culture and core values focused
on integrity, teamwork, and the importance of building long-term
client relationships. Global Atlantic is a majority-owned
subsidiary of KKR, a leading global investment firm. Through its
relationship, the company leverages KKR's investment capabilities,
scale and access to capital markets to enhance the value it offers
clients. KKR's parent company is KKR & Co. Inc. (NYSE:
KKR).
Certain information contained in this press release constitutes
“forward-looking statements,” which can be identified by the use of
forward-looking terminology such as “may,” “will,” “should,”
“expect,” “anticipate,” “project,” “estimate,” “target,” “intend,”
“continue” or “believe,” other variations thereon or comparable
terminology. The forward-looking statements speak only as of the
date hereof and are based on Global Atlantic’s current beliefs,
assumptions and expectations. Due to various risks, uncertainties
and contingencies, including but not limited to obtaining required
regulatory approvals, closing on signed transactions and whether
the anticipated benefits of a transaction can be achieved within
expected timeframes, actual events or results or performance may
differ materially from what is reflected or contemplated in such
forward-looking statements. Global Atlantic undertakes no
obligation to update or revise any of these forward-looking
statements, whether to reflect new information, future events or
circumstances or otherwise. Past performance is not a guarantee of
future results.
Global Atlantic Financial Group (Global Atlantic) is the
marketing name for The Global Atlantic Financial Group LLC and its
subsidiaries.
Reinsurance transactions are entered into by Global Atlantic
Assurance Limited, Global Atlantic Re Limited, Commonwealth Annuity
and Life Insurance Company, First Allmerica Financial Life
Insurance Company or one of their affiliates. Reinsurance is
placed, where required by applicable law, by Global Atlantic Risk
Advisors, L.P., a licensed reinsurance intermediary and subsidiary
of The Global Atlantic Financial Group LLC.
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version on businesswire.com: https://www.businesswire.com/news/home/20231115830696/en/
ICR Inc. GlobalAtlantic@icrinc.com (203) 682-8268
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