Reinsurance News
annuities
Aspida partners with Flourish for enhanced annuity distribution
13th March 2024
Aspida Life Insurance Company (Aspida), a life insurance and annuity company, has recently partnered with Flourish, a financial products provider, to distribute the Aspida Advisory Multi-Year Guaranteed Annuity (MYGA). The Aspida Advisory MYGA offers a secure investment solution with guaranteed growth, unaffected by market fluctuations. This single premium deferred fixed multi-year ... Read the full article
Venerable Holdings to recapture annuity blocks from Athene
1st June 2023
Venerable Holdings, a provider of risk transfer solutions to variable annuity issuers, is to recapture approximately $2.8 billion of payout annuity reserves from Athene. In a recent announcement, Venerable stated it has agreed for its wholly-owned subsidiary Venerable Insurance and Annuity Company (VIAC), to recapture the annuity blocks from the retirement ... Read the full article
Benefits & risks to US life dependence on Bermuda reinsurance, says ALIRT
25th October 2022
According to an ALIRT Insurance Research report, there are both benefits and risks to US Life insurers' growing dependence on Bermuda reinsurance, adding the nexus is likely poised to grow. The use of Bermuda reinsurance has grown significantly over the last five years, says ALIRT, becoming a core strategy for many ... Read the full article
Athene takes on $500mn in pension obligations from Alcoa
15th December 2021
Athene has been transferred approximately $500 million in pension obligations and related assets from Alcoa Corporation. The transfer involves two subsidiaries of Athene and is intended to complement a prior annuitisation announced last month for certain US pension plans. That action, which is now complete, included approximately $1 billion of pension obligations ... Read the full article
Prudential to sell $31bn PALAC block of legacy variable annuities to Fortitude Re
15th September 2021
Prudential Financial has agreed to sell a portion of its in-force legacy variable annuity block to Fortitude Re for a total transaction value of $2.2 billion. Under the terms of the agreement, Prudential will sell one of its stand-alone legal entity subsidiaries, Prudential Annuities Life Assurance Corporation (PALAC), including PALAC’s in-force ... Read the full article
Venerable reaches $12bn annuity reinsurance agreement with Equitable
28th October 2020
Venerable Holdings has agreed to reinsure $12 billion of legacy variable annuity business from Equitable Financial Life Insurance Company. As part of the transaction, Venerable will also acquire Corporate Solutions Life Reinsurance Company, a Delaware domiciled variable annuity reinsurance company that has been in run-off since 2002. Overall, the deal will more ... Read the full article
Athene closes $6 billion in total pension risk transfer deals in 2019
6th January 2020
Athene Holding Ltd. has announced that it successfully closed approximately $6 billion in total pension risk transfer transactions for 2019, which includes the firm's inaugural transaction in the UK market. Approximately $800 million, or more than 13% of the total volume of pension risk transfer deals completed by Athene in 2019 ... Read the full article
AM Best holds US life/annuity market outlook at stable
20th December 2019
AM Best has maintained its stable market outlook for the US life/annuity (L/A) industry in 2020, citing strong capitalisation and improved liquidity among carriers, along with a manageable regulatory environment. The rating agency also highlighted companies’ measured approach to increasing investment risk as a positive factor in its stable outlook. US L/A ... Read the full article
Court ruling on Prudential/Rothesay expected to disrupt de-risking plans: Fitch
28th August 2019
A recent UK High Court judgement to block Prudential's proposed £12 billion annuities transfer to Rothesay Life, is a sign that some insurers will likely have to retain business that they hoped to offload, warns Fitch Ratings. The proposed Part VII portfolio transfer from Prudential to Rothesay Life, which followed ... Read the full article
Allstate in talks to sell $2.5bn annuity book to FGL Holdings, sources
4th April 2019
Allstate Corporation, one of the largest primary insurers in the US, is close to selling a book of policies from an area in which it no longer creates new business to FGL Holdings, Reuters has reported. With a valuation of between $2.5 billion and $3 billion, the deal would be the ... Read the full article
U.S life & annuity income up 8.5% in 2018: A.M. Best
25th March 2019
The U.S life and annuity industry’s total income increased by 8.5% in 2018, according to a recent report by A.M. Best, which attributed the rise to a $54.1 billion increase in other income. Analysts explained that this boost offset modest increases in premium and annuity considerations and net investment income. The report ... Read the full article
Ameriprise Financial enters $1.7bn reinsurance deal with Global Atlantic
20th March 2019
Ameriprise Financial, Inc. has announced a new reinsurance agreement with a subsidiary of Global Atlantic Financial Group that covers approximately $1.7 billion of fixed annuity policies sold through third parties. The agreement was entered into by Ameriprise Financial’s insurance subsidiary, RiverSource Life Insurance Company, and Commonwealth Annuity and Life Insurance Company, ... Read the full article
Allstate said to be considering fixed-annuities business sale
9th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, is reportedly considering the sale of its fixed-annuities business, which stopped selling new policies about five years ago, according to sources at Bloomberg. People familiar with the matter said the insurer was working with financial advisers to find buyers for ... Read the full article
Resolution Re reinsures $5.7bn of Symetra Life annuity liabilities
13th September 2018
Resolution Re has entered into a reinsurance agreement with Symetra Life Insurance Company to transfer financial responsibility for all of Symetra’s structured settlement annuity contracts and a smaller block of income annuities to Resolution Re. The reinsured block had $5.7 billion in total statutory reserves at December 31, 2017, the parties ... Read the full article
Global Atlantic closes $9bn reinsurance transaction following Talcott Resolution sale
5th June 2018
Life and annuity re/insurance firm Global Atlantic Financial Group has successfully closed its $9 billion reinsurance transaction, having provided financial backing for Talcott Resolution's recent sale to an investor group. The firm had reinsured from Talcott Resolution $9 billion of fixed deferred annuities as well as other spread-based reserves. This deal’s ... Read the full article