New York, NY — Global Atlantic Financial Group Limited (“Global Atlantic”), a leading annuity and life insurance company, recently announced its subsidiary, Forethought Life Insurance Company, had entered the market for funding agreement backed notes, completing its first offering to institutional investors on January 15, 2021. The notes were issued by GA Global Funding Trust, an unaffiliated Delaware trust, and are backed by a funding agreement issued by Forethought Life Insurance Company.
“This is an attractive new market for Global Atlantic,” said Phil Sherrill, Head of Global Atlantic’s Corporate Development. “It is also a logical extension of Global Atlantic’s business, offering institutional fixed income investors a security that fits the current market environment to fund our conservative, asset-liability matched general account strategy.”
The proceeds from GA Global Funding Trust’s purchase of the funding agreement from Forethought Life Insurance Company will be managed by the same investment team that manages all of Global Atlantic’s insurance assets. The notes carry ratings of A (Stable outlook) from Fitch, A3 from Moody’s (Positive outlook), and A- (Stable outlook) from S&P, which are in-line with Forethought Life Insurance Company’s insurance financial strength ratings.* A.M. Best does not rate the notes.
About Global Atlantic
Global Atlantic Financial Group Limited, through its subsidiaries, offers a broad range of retirement, life and reinsurance products designed to help our customers address financial challenges with confidence. A variety of options help Americans customize a strategy to fulfill their protection, accumulation, income, wealth transfer and end-of-life needs.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its 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.
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.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Forethought Life Insurance Company and Accordia Life and Annuity Company. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.
This press release is not, and shall not be construed as, an offer, or a solicitation of an offer, to buy or sell securities in any jurisdiction. This press release contains certain forward-looking statements that are not historical facts. All forward-looking statements speak only as of the date hereof. Global Atlantic does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law.
The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered only to “qualified institutional buyers” in reliance on Rule 144A under the Securities Act and to persons who are not “U.S. persons” in transactions outside the United States of America in compliance with Regulation S under the Securities Act.
* A security rating is not a recommendation to buy, sell or hold securities, and may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. Forethought Life Insurance Company’s insurance financial strength ratings apply to the issuing company and do not apply to any specific product or underlying fund.