HAMILTON, Bermuda--(BUSINESS WIRE)--Global Atlantic Financial Group, a leading annuity and life insurance company, today announced that it has appointed Edward Root as Managing Director leading the firm’s growing pension risk transfer (PRT) reinsurance business. Mr. Root will report to Manu Sareen, President of Institutional Markets, Global Atlantic, and Chief Executive Officer, Global Atlantic Re Limited.
Mr. Root joins an Institutional Markets team that has completed over $75 billion in M&A and reinsurance transactions across block, flow and PRT reinsurance since inception.
“I’m excited to join Global Atlantic as it seeks to grow its PRT business,” Mr. Root said. “The company’s focus on tailored solutions coupled with its financial strength and transaction expertise, make it an appealing business partner for companies seeking options to free capital by lowering expenses or de-risk their exposure to future pension liabilities.”
Mr. Root has over 20 years of experience advising large pension plan sponsors and has worked on more than 1,000 PRT transactions, including recent large transactions such as JC Penney, Lockheed Martin, GE, Baxter and Weyerhaeuser. Most recently, he served as Managing Director at Willis Towers Watson and head of the consulting firm’s PRT group.
“Global Atlantic has quickly grown its PRT reinsurance business, and by bringing Edward to our team, we are reaffirming our commitment to the PRT space,” said Mr. Sareen. “We are excited to have him on board. With Ed’s addition and the recent promotions of Darryl Herrick and Jason Kao as co-heads of block and flow reinsurance, we continue to invest in and grow our leading block, flow and PRT reinsurance franchise.”
With Global Atlantic now a majority-owned subsidiary of KKR, its institutional business has even greater access to capital. The relationship with KKR also provides complementary investment management expertise that supports and expands the company’s ability to deliver institutional solutions tailored specifically to client needs.
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, a leading global investment firm that offers asset management and capital markets solutions across multiple strategies.