HAMILTON, Bermuda--(BUSINESS WIRE)--Global Atlantic Financial Group Limited (Global Atlantic), a multiline insurance and reinsurance company, today announced that it has successfully completed its acquisition of Houston-based Forethought Financial Group, Inc. (Forethought). Forethought, a financial services company with life insurance and annuity operations throughout the U.S., is now a wholly owned subsidiary of Global Atlantic. The acquisition includes Forethought’s products and designs, distribution, marketing, intellectual capital and people, as well as all in-force business.
“The closing of the Forethought acquisition brings Global Atlantic an experienced and talented team, a diversified in-force block of life and annuity business and significant distribution reach in both the annuity and preneed life insurance markets,” said Allan Levine, Chairman and CEO of Global Atlantic. “We are now well-positioned to provide a full range of innovative life and annuity solutions to help individuals address their financial needs. Combining these two organizations’ complementary resources will help us drive steady, consistent growth.”
Forethought will continue to operate its preneed life insurance and annuity businesses under the Forethought name, and policyholders will experience a seamless transition and continuity of service. The business will be led by Michael Reardon, who joins Global Atlantic, retaining his position as President of Forethought Life Insurance Company. He will report to Levine.
“This is an ideal fit for Forethought’s capabilities, and we look forward to the growth opportunities this opens for our combined organization,” said Reardon.
John Graf, who had been Chairman, President and CEO of Forethought, will join the board of Global Atlantic and become non-executive Vice Chairman of the Life and Annuity Business. He will work with Levine and the management team on an overall strategy for the combined organization. Other key leaders of both Global Atlantic and Forethought’s management will remain in place.
About Global Atlantic
Global Atlantic Financial Group Limited, a multiline insurance and reinsurance company, was founded at Goldman Sachs in 2004 and separated as an independent company in April of 2013. In less than a decade, Global Atlantic has established itself as an innovative insurance and reinsurance provider. The company entered the Life & Annuity market in 2005 by acquiring Allmerica Life, renamed Commonwealth Annuity and Life Insurance Company. It subsequently entered the Property & Casualty market in 2006 through its Arrow companies in Bermuda, and in 2008 launched its syndicate at Lloyd’s of London. The business now operates under the Ariel Re brand. In 2013, Global Atlantic acquired the Aviva USA Life business, rebranded Accordia Life, and in 2014 added Forethought Financial Group. Accordia Life and Forethought Financial Group now form the foundation of a growing retail franchise to operate alongside its leading reinsurance business. The combined organization has over $30 billion in assets, 750 employees and 10 offices. Global Atlantic’s success is driven by experienced leadership, a long-term focus on policyholders, financial discipline and a culture that emphasizes teamwork, innovation and excellence.