WEST CHESTER, PA — Venerable Holdings, Inc. has announced a major transaction with Corebridge Financial, Inc., set to significantly expand its variable annuity reinsurance business and elevate its assets under risk management from $67 billion to $118 billion, a 77% increase on a pro forma basis as of March 31, 2025.
The agreement entails Venerable reinsuring approximately $51 billion in variable annuity business from American General Life Insurance Company (AGL) and The U.S. Life Insurance Company in the City of New York (USL). Additionally, Venerable will commence reinsurance of variable annuity new business flow from AGL, advancing its strategy by providing partners the flexibility to deliver comprehensive retirement products to clients efficiently.
The transaction also includes the acquisition of investment adviser SunAmerica Asset Management, LLC (SAAMCo), enhancing Venerable’s capability to service separate accounts at scale. This acquisition builds on the successful launch of Venerable Investment Advisers, which began operating in September 2024. Following the acquisition, Venerable’s assets under management will more than triple to approximately $52 billion.
David Marcinek, Chairman and CEO of Venerable, emphasized the deal’s significance. “[The] announcement affirms Venerable as the partner of choice in the variable annuity risk transfer space and advances aspirations to expand our growth strategy to include variable annuity flow reinsurance,” Marcinek remarked. “The expertise and capabilities across the whole of our company, combined with our risk management philosophy and robust capital position, will position us well for continued disciplined growth.”
The reinsured portfolio predominantly comprises variable annuity contracts with guaranteed minimum withdrawal benefits (GMWB) issued after 2009, alongside other policies with death benefits and investment-only annuities. Corebridge will remain in charge of administration for these blocks as part of the agreement.
Kevin Hogan, President and CEO of Corebridge, expressed confidence in the collaboration, stating, “We are pleased to partner with Venerable on this transaction given their deep expertise and leadership in the variable annuity reinsurance business.”
Venerable anticipates its general account assets to rise from $18 billion to $22 billion. Reinsured separate account business is set to grow by nearly 94% to more than $95 billion. The transaction solidifies the company’s expansion into flow reinsurance while reinforcing its presence in the annuity market.
The AGL reinsurance deal is expected to close in the third quarter of 2025, with the USL reinsurance and SAAMCo acquisition following in the fourth quarter, subject to customary closing conditions.
Headquartered in West Chester, Pennsylvania, Venerable also operates out of Des Moines, Iowa, and New York, New York. Financial advisory for the transaction is being provided by Citi and Wells Fargo, with actuarial and legal counsel from Milliman, Inc., and Sidley Austin LLP, respectively.
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