Global Atlantic Financial Group Limited, a U.S. retirement, life re/insurance company, has completed a $5.7 billion fixed and fixed-indexed annuity reinsurance transaction with Great American Life Insurance Company, an affiliate of American Financial Group.
Global Atlantic is set to co-invest in the transaction, alongside its subsidiaries, by leveraging the third-party capital benefits of its Ivy reinsurance Co-Investment Vehicle.
Business ceded to Ivy will be managed using Global Atlantic’s leading risk and investment management capabilities.
Manu Sareen, leader of Global Atlantic’s Institutional business, commented: “We are proud to partner with such a high caliber client in Great American to help them achieve their desired financial and capital management objectives.
“Global Atlantic’s Institutional platform provided a highly customized and accretive solution, while working collaboratively and quickly to meet our client’s goals.”
Since its inception in 2004, Global Atlantic has reinsured around $40 billion of assets.
In October of last year, the company’s Commonwealth Annuity and Life Insurance Company subsidiary agreed a $5.7 billion annuity reinsurance transaction with American Financial Group.
Earlier in the year, the firm agreed to be acquired by global investment firm KKR & Co. Inc for $4.4 billion, which closed earlier in February.
