NEW YORK--(BUSINESS WIRE)--Global Atlantic Financial Group Limited (“Global Atlantic”), is pleased to announce the execution of a $1.7 billion fixed annuity reinsurance transaction with Ameriprise Financial’s affiliate, RiverSource Life Insurance Company (“RiverSource”).
“We are very proud to work with RiverSource, in helping it to achieve its desired financial and capital management objectives. We utilized our leading transaction and investment expertise, coupled with our highly integrated risk management capabilities, to deliver a customized and accretive solution in an efficient time frame for our client,” said Manu Sareen, who heads Global Atlantic’s Institutional business.
With this deal, Global Atlantic further evidences its position as a leading reinsurance franchise in the U.S. life and annuity marketplace, having reinsured $27 billion of assets since its founding.
ABOUT GLOBAL ATLANTIC FINANCIAL GROUP
In its Institutional business, Global Atlantic offers a broad range of reinsurance products designed to offer custom solutions for the economic, risk and capital needs of U.S. life and annuity insurance companies.
Global Atlantic was founded at Goldman Sachs in 2004 and separated as an independent company in 2013. Its success is driven by a unique heritage that combines deep product and distribution knowledge with insightful investment and risk management capabilities, alongside a strong financial foundation of over $75 billion in GAAP assets as of December 31, 2018.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for Global Atlantic Financial Group Limited and its subsidiaries, including Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company and Global Atlantic Re Limited. Each subsidiary is responsible for its own financial and contractual obligations.