Venerable Commences Flow Reinsurance with Corebridge Financial and Closes Reinsurance Transaction

WEST CHESTER, Pa.--(BUSINESS WIRE)--Venerable Holdings, Inc. (“Venerable”), the leader in providing innovative risk transfer solutions to variable annuity issuers, is pleased to announce the commencement of new business variable annuity flow reinsurance with American General Life Insurance Company (“AGL”), an entity of Corebridge Financial, Inc. Additionally, Venerable has closed its reinsurance transaction with AGL, effective August 1, 2025.

The flow reinsurance portion of the agreement involves 100% quote share from AGL, a Texas domiciled entity, and is anticipated to initially generate approximately $1.25bn in sales on an annual basis. The reinsurance transaction will add approximately $48bn to Venerable’s assets under risk management.

“The team at Venerable continues to demonstrate unparalleled expertise in all aspects of complex insurance transactions. The successful closing of this transaction in an extremely accelerated timeframe is another clear example,” said David Marcinek, Chairman and CEO of Venerable. “We are excited to advance our growth strategy with the commencement of flow reinsurance and look forward to offering this capability more broadly as part of our suite of risk transfer solutions.”

The reinsured business from AGL primarily comprises contracts with guaranteed minimum withdrawal benefits (GMWB), issued after 2009. An additional block of policies with death benefits and investment-only variable annuities is also included. Corebridge will retain the administration of the block as part of the agreement.

As announced in late June, Venerable will also reinsure a block of variable annuities from Corebridge’s New York domiciled entity, The US Life Insurance Company in the City of New York (“USL”), and acquire an investment adviser, SunAmerica Asset Management, LLC (“SAAMCo”). These transactions are expected to close in the fourth quarter of 2025, subject to customary closing conditions.

Upon closing of all three transactions, Venerable’s total assets under risk management are expected to increase from $67bn to $118bn, on a pro forma basis as of March 31, 2025.

Citi and Wells Fargo Securities, LLC are serving as financial advisors, Milliman, Inc. as actuarial advisor, and Sidley Austin LLP as legal counsel to Venerable in connection with this transaction.

About Venerable and Venerable Investment Advisers

Venerable is a privately held company with business operations based in West Chester, Pennsylvania, Des Moines, Iowa and New York, NY. Venerable owns and manages legacy variable annuity business, including variable annuities acquired from other entities. Created by an investor group led by affiliates of Apollo Global Management, Inc., Crestview Partners, Reverence Capital Partners, and Athene Holding Ltd., Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital.

Venerable Investment Advisers, LLC was established in 2023 and has overall responsibility for the management of mutual funds underlying Venerable Insurance and Annuity Company’s variable annuity products.

For more information, please visit www.venerable.com.