Corebridge Financial, Inc., an American multinational financial services company, has successfully closed the final portions of the variable annuity reinsurance deal with Corporate Solutions Life Reinsurance Company, an insurance subsidiary of Venerable Holdings, Inc.
The transaction included the reinsurance of all Individual Retirement variable annuities issued by The United States Life Insurance Company in the City of New York, a Corebridge subsidiary, as well as the sale of a related investment adviser and manager, SunAmerica Asset Management, LLC (SAAMCo).
This announcement builds on the August 2025 close of the largest component of the transaction, which reinsured all Individual Retirement variable annuities issued by American General Life Insurance Company (AGL), a Corebridge insurance company subsidiary.
Corebridge said in June the transaction is valued at $2.8 billion, comprising both ceding commission and capital release, and is expected to generate approximately $2.1 billion of net proceeds after tax.
At that time, Corebridge President and CEO Kevin Hogan stated that this is a “transformative transaction” that delivers “significant value for Corebridge and its shareholders.”
Through the acquisition of SAAMCo, Venerable welcomes 53 employees and expands its footprint with a new office in Houston and an enhanced presence in New York City at One World Trade Center.
Tim Brown, President of Venerable Advisers, said, “We are thrilled to welcome our new colleagues from SAAMCo to our Venerable community. Their deep expertise will be invaluable as we continue to grow our investment adviser capabilities and offerings, and I’m confident their talent will help drive our collective success.”
With the closing of these transactions, Venerable’s total assets under risk management will increase from $67 billion to $118 billion, on a pro forma basis as of March 31, 2025. In line with Venerable Advisers’ growth strategy, the acquisition of SAAMCo will more than triple assets under management across affiliated advisers to approximately $52 billion.
“The successful close of all aspects of this landmark agreement marks a pivotal moment for Venerable,” said David Marcinek, Chairman and CEO of Venerable. “By expanding our capabilities as a leading provider of risk transfer solutions we are better positioned than ever to serve our insurance clients and the retirement sector more broadly.”
Citi and Wells Fargo Securities, LLC served as financial advisors, Milliman, Inc. as actuarial advisor, and Sidley Austin LLP as legal counsel to Venerable for this transaction.
