Global Atlantic Announces Second Reinsurance Deal in Asia
HAMILTON, BERMUDA--(Business Wire / Korea Newswire) June 10, 2022 -- Global Atlantic Financial Group (“Global Atlantic”), a leading financial services company, today announced its second reinsurance transaction in Asia, signing an asset-intensive flow reinsurance transaction with a leading Singapore-based insurance company. This deal, executed through its Bermuda-based subsidiary Global Atlantic Assurance Limited, follows a USD $4.8bn block reinsurance transaction with AXA Hong Kong in July 2021.
“Our client-centric and partnership-based approach has been well-received in the APAC region,” said Manu Sareen, Co-President of Global Atlantic. “We are extremely proud of this new partnership and are seeing meaningful potential for future opportunities to deploy capital on endowment and asset-intensive life and annuity products in both flow and block transactions.”
By creating tailored solutions built on the company’s leading ALM, risk and investment management capabilities, Global Atlantic has established itself as a leading reinsurance franchise in the life and annuity marketplace. The company has now reinsured approximately $75 billion of assets since its inception in 2004.
About Global Atlantic
Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. With differentiated investment and risk management capabilities, deep client relationships, and a strong financial foundation, the company has established a track record of delivering proven, value-added solutions and long-term growth. Global Atlantic is a majority-owned subsidiary of KKR (NYSE: KKR), a leading global investment firm that offers asset management and capital markets solutions across multiple strategies.
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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220608005816/en/
Global Atlantic Financial Group
This is a news release distributed by Korea Newswire on behalf of this company.