NEW YORK, NY — November 16, 2023 — Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has closed a previously announced reinsurance agreement with MetLife, Inc. (NYSE: MET). The transaction, signed between subsidiaries of the two companies in May, reinsures a seasoned and diversified block of MetLife’s U.S. retail annuity and life insurance business. General account assets under management supporting the transaction at signing were approximately $13 billion.
Under the terms of the agreement, MetLife transferred general account assets for the block to Global Atlantic subsidiaries First Allmerica Financial Life Insurance Company and Commonwealth Annuity and Life Insurance Company. MetLife will retain servicing and administration of the policies.
With this deal, Global Atlantic further advances its position as a reinsurer of choice in the annuity and life insurance marketplace. The company has established a 20-year track record, closing multi-billion dollar deals in the U.S., as well as internationally. In all, Global Atlantic has partnered with over 25 clients on nearly 40 transactions, reinsuring more than $110 billion of assets since inception.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company's performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a wholly owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR's investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR's parent company is KKR & Co. Inc. (NYSE: KKR).
Latest News