Global Atlantic Financial Group’s primary reinsurance company, Commonwealth Re, and its affiliates, have broken the $25 billion mark in block transactions.
This includes three transactions in the last 12 months, and since 2004 the team has facilitated block reinsurance transactions of $27 billion in the life and annuity industry, helping insurers achieve their risk and capital targets.
“This growth is a testament to our ability to partner with our clients to solve the unique, complex needs of each transaction,” said Manu Sareen, chief executive officer of Commonwealth Re. “We tailor every transaction to each client’s specific objectives to help that client meet its strategic goals.”
The team closed two reinsurance transactions of fixed deferred annuity blocks and signed one treaty on a universal life block in the last year, totalling $3 billion in statutory policyholder liabilities and covering 85,000 policies.
“The reinsurance business driven by the team at Commonwealth Re is a core component of Global Atlantic’s diversified business model, which balances annuities, life insurance and reinsurance,” said Allan Levine, chairman and CEO of Global Atlantic Financial Group.
Commonwealth Re, Global Atlantic Financial, Reinsurance, Bermuda, Manu Sareen, Allan Levine