Global Atlantic Financial Closes Deal on MetLife Reinsurance Agreement
Posted on 11/25/2023
Global Atlantic Financial Group is backed by private equity firm KKR & Co. Inc. Global Atlantic Financial is an insurance company.
Global Atlantic Financial 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 2023, reinsures a 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 US$ 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.
NOTES: Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries.
Reinsurance transactions are entered into by Global Atlantic Assurance Limited, Global Atlantic Re Limited, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance Company or one of their affiliates. Reinsurance is placed, where required by applicable law, by Global Atlantic Risk Advisors, L.P., a licensed reinsurance intermediary and subsidiary of The Global Atlantic Financial Group LLC.
