Global Atlantic Closes $10 Billion Block Reinsurance Transaction with Manulife across both US and Japan Business
22 Febbraio 2024 - 2:15PM
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 the closing of its
$10 billion reinsurance transaction with Manulife Financial
Corporation (NYSE: MFC). The transaction, signed and previously
announced between subsidiaries of the two companies last December,
reinsures a seasoned and diversified block of Manulife’s life,
annuity, and long-term care (“LTC”) insurance business originated
in the US and Japan. It represents the third block transaction
Global Atlantic has executed with Manulife and includes Global
Atlantic’s first block reinsurance transaction in Japan. General
account assets under management supporting the transaction at
closing are approximately $10 billion.
Simultaneous to the closing of the reinsurance transaction with
Manulife, Global Atlantic also closed on the retrocession of 100%
of the long-term care insurance risks to a highly rated third-party
global reinsurance partner. Global Atlantic only retains the
underlying spread-based risks on the subset of the block that
involves the LTC business.
With this deal, Global Atlantic further advances its position as
a reinsurer of choice in the annuity and life insurance
marketplace, both in the US and globally. The company has
established a 20-year track record, successfully completing more
than 40 transactions with nearly 30 clients and reinsuring more
than $140 billion of assets since inception. The transaction also
marks one of the largest Japanese reinsurance deals in recent
history, and expands Global Atlantic’s presence and commitment in
Japan and across Asia.
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 wholly-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. General account assets may not equal assets under
management as reported by KKR.
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/20240222039436/en/
ICR Inc. GlobalAtlantic@icrinc.com (203) 682-8268
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