-

KBRA Releases Comment on Venerable’s Announced Transaction with Corebridge

NEW YORK--(BUSINESS WIRE)--On June 26, 2025, Venerable Holdings, Inc. (“Venerable” or “the company”)(KBRA Issuer Rating: BBB/Stable) announced a transaction with Corebridge Financial, Inc. (Corebridge) pursuant to which it will reinsure approximately $51 billion of variable annuity business from American General Life Insurance Company (AGL) and The US Life Insurance Company in the City of New York (USL). At transaction closing, Venerable will also begin to assume variable annuity new business flow reinsurance from AGL. Additionally, Venerable will acquire Corebridge’s investment adviser, SunAmerica Asset Management, LLC (SAAMCo). Venerable’s general account assets are expected to increase from $17.5 billion to $22.5 billion with reinsured business growing nearly 94% to over $95 billion in separate account value. The acquisition of SAAMCo will more than triple assets under management to approximately $52 billion. The AGL reinsurance transaction is expected to close during 3Q2025 and the USL reinsurance transaction and the SAAMCo acquisition are expected to close during 4Q2025, subject to customary closing conditions.

Venerable’s expansion strategy is based on growth through acquisition/reinsurance. KBRA views this transaction as representative of management’s ongoing ability to source, diligence and negotiate opportunities that support its business strategy of being the partner of choice for variable annuity risk transfer. KBRA expects that Venerable will apply its extensive experience closing, onboarding and managing the process of acquiring variable annuity exposure to successfully execute the current transaction. KBRA further expects that upon closing the company will, among other things, meet or exceed management’s regulatory capital and financial leverage targets. KBRA will continue to monitor the situation.

About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1010138

Contacts

Donna Halverstadt, Managing Director
+1 646-731-3352
donna.halverstadt@kbra.com

Sean Campbell, Senior Analyst
+1 646-731-3361
sean.campbell@kbra.com

Peter Giacone, Senior Managing Director
+1 646-731-2407
peter.giacone@kbra.com

Business Development Contact

Tina Bukow, Managing Director
+1 646-731-2368
tina.bukow@kbra.com

Kroll Bond Rating Agency, LLC

Details
Headquarters: New York City, New York
CEO: Jim Nadler
Employees: 400+
Organization: PRI

Release Versions

Contacts

Donna Halverstadt, Managing Director
+1 646-731-3352
donna.halverstadt@kbra.com

Sean Campbell, Senior Analyst
+1 646-731-3361
sean.campbell@kbra.com

Peter Giacone, Senior Managing Director
+1 646-731-2407
peter.giacone@kbra.com

Business Development Contact

Tina Bukow, Managing Director
+1 646-731-2368
tina.bukow@kbra.com

Social Media Profiles
More News From Kroll Bond Rating Agency, LLC

KBRA Assigns Preliminary Ratings to Aspire Mortgage Trust 2026-2 (SPIRE 2026-2)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to eight classes of mortgage-backed notes from Aspire Mortgage Trust 2026-2 (SPIRE 2026-2), a $450.6 million non-prime RMBS transaction. The underlying collateral, comprising 829 residential mortgages, is characterized by fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs), which make up 99.3% and 0.7% of the pool, respectively. The loans are classified as Qualified Mortgages – Safe Harbor (APOR) (QM: Safe Harbor (A...

KBRA Assigns Issuer Rating to Universal Insurance Holdings and Preliminary Rating to Senior Unsecured Note Offering

NEW YORK--(BUSINESS WIRE)--KBRA assigns a BBB issuer rating to Universal Insurance Holdings, Inc. (NYSE: UVE) and a BBB preliminary long-term credit rating (LTCR) to UVE’s proposed $100 million fixed-rate senior unsecured notes (Notes) due 2031. The Outlook for both ratings is Stable. UVE intends to use the net proceeds from the proposed offering to refinance its existing $100 million 5.625% senior unsecured notes due November 30, 2026, thereby extending UVE’s debt maturity profile to 2031, as...

KBRA Assigns Preliminary Ratings to Sequoia Mortgage Trust 2026-6 (SEMT 2026-6)

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 100 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2026-6 (SEMT 2026-6), a $740.1 million prime RMBS transaction. The pool is comprised of 588 first-lien, fully amortizing fixed rate mortgages with mostly 30-year maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 779 and moderate borrower equity, with a WA original LTV of 70.0% and WA original CLTV of 70.0%....
Back to Newsroom