Talcott Resolution has executed a flow reinsurance transaction between itself and an unnamed US annuity writer.
The firm said in a statement that under the terms of the agreement, Talcott will reinsure a quota share of the cedant’s innovative fixed indexed annuity product, covering business beginning August 2, 2022.
The cedant will continue to service and administer the policies as issuer of the contracts.
Lisa Proch, Interim Co-President, General Counsel and Chief Compliance Officer of Talcott Resolution, said: “This latest transaction demonstrates the strength of our relationships and our ability to serve as a trusted partner to the insurance industry.”
This is the second flow reinsurance transaction and the fifth business transaction overall for the Talcott enterprise since July 2021.
As a result of recent business development activity, enterprise assets under management have increased 50% from $94bn to $137bn and enterprise general account assets have increased 400% from $15bn to $62bn on a pro-forma basis as of March 31, 2022.
Earlier this year, Principal Financial Group closed a transaction with Talcott to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks of business.
