Reinsurance News
annuities
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
Athene completes $19bn fixed annuities reinsurance deal with Voya Financial
4th June 2018
Athene Holding has successfully completed a transaction with Voya Financial to reinsure approximately $19 billion of fixed and fixed indexed annuity liabilities. The transaction, which was announced in December 2017, brings Athene’s total invested assets to approximately $100 billion. The fixed and variable annuity blocks from Voya will be administered by ... Read the full article
Rothesay Life reinsures £12 billion annuity book for Prudential
14th March 2018
Life, annuities, pension and longevity re/insurer Rothesay Life has reinsured a £12 billion chunk of Prudential plc's annuity book managed under the M&G Prudential brand. Prudential today announced that it will be demerging its UK & Europe business M&G Prudential from the overall Prudential plc group, resulting in two separately-listed companies. The ... Read the full article
Knighthead names Armando Perez as Vice President of Business Development
5th February 2018
Knighthead Annuity & Life Assurance has announced the appointment of Armando Perez as Vice President of Business Development, set to work with intermediaries and advisers in Florida to execute distribution strategies. Perez boasts over 20 years of experience in banking and investment management sales; he joins the Knighthead Annuity family from a ... Read the full article
Life/annuity cedants to offshore reinsurers advised to watch counterparty risk: A.M. Best
1st February 2018
About 30% of total life/annuity (L/A) premiums ceded by U.S. insurers are sent to offshore affiliates as multinationals seek out opportunities for capital and tax efficiencies, however, A.M. Best highlighted in a special report that ceding to unaffiliated offshore reinsurers can bring additional risks. The rating agency cautioned firms to do ... Read the full article
Langhorne Re launched by RGA and RenRe as in-force life & annuity reinsurer
11th January 2018
Two major global reinsurance firms, Reinsurance Group of America and RenaissanceRe, have launched a new start-up named Langhorne Re, which will target in-force life and annuity business and leverage third-party capital as part of its backing. Langhorne Re will be a global reinsurer targeting large in-force life and annuity blocks, the ... Read the full article
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