New York, NY — Global Atlantic Financial Group Limited (“Global Atlantic”), a leading U.S.-focused retirement, life insurance and reinsurance company, today announced the execution of a $5.7 billion fixed and fixed-indexed annuity reinsurance transaction with American Financial Group’s affiliate, Great American Life Insurance Company (“Great American”).
“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,” said Manu Sareen, who heads Global Atlantic’s Institutional business. “Global Atlantic’s Institutional platform provided a highly customized and accretive solution, while working collaboratively and quickly to meet our client’s goals.”
Global Atlantic will leverage the third-party capital benefits of the previously announced Ivy Co-Investment Vehicle LLC to co-invest in the transaction alongside Global Atlantic’s subsidiaries. Business ceded to Ivy Re Limited will be managed using Global Atlantic’s leading risk and investment management capabilities.
With this deal, Global Atlantic further evidences its position as a leading reinsurance franchise in the U.S. life and annuity marketplace, having reinsured approximately $40 billion of assets since its inception in 2004.
In July 2020, Global Atlantic agreed to be acquired by a subsidiary of KKR & Co. Inc. The transaction, which is expected to close in early 2021, is subject to required regulatory approvals and certain other customary closing conditions.
ABOUT GLOBAL ATLANTIC FINANCIAL GROUP
Global Atlantic Financial Group, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our clients address financial challenges with confidence. Global Atlantic offers custom solutions and responsive service for the capital, risk and legacy-business management of life and annuity insurance companies around the world.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Global Atlantic’s success is driven by a unique heritage that combines deep product and distribution knowledge with leading investment and risk management, alongside a strong financial foundation of more than $90 billion in assets, as of June 30, 2020.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company and Global Atlantic Re Limited. Each subsidiary is responsible for its own financial and contractual obligations.