Newswires
<img src="https://icrowdnewswire.com/wp-content/uploads/2020/11/4000-logo.png" width="233" height="24" /><p> <org value="ACORN:1035824122" idsrc="xmltag.org" >Venerable Holdings, Inc.</org> (“Venerable”), the leader in providing innovative risk transfer solutions to variable annuity issuers, today announced a transaction with <org value="NYSE:MFC" idsrc="xmltag.org" >Manulife Financial Corporation</org> to reinsure approximately <span class="xn-money"><money>US$22 billion</money></span> of variable annuity business from its <location value="LC/us" idsrc="xmltag.org" >U.S.</location> subsidiary <span class="xn-person"><person>John Hancock</person></span>.</p>
<p>The reinsured business primarily comprises contracts with guaranteed minimum withdrawal benefits (GMWB), issued between 2003 and 2012 by John Hancock Life Insurance Company (<span class="xn-location"><location value="LC/us" idsrc="xmltag.org" >U.S.A.</location></span>), a <span class="xn-location"><location value="LS/us.mi" idsrc="xmltag.org" >Michigan</location></span> domiciled entity. A small block of policies with only guaranteed minimum death benefits (GMDB) is also included. <span class="xn-person"><person>John Hancock</person></span> will retain administration of the block as part of the agreement.</p>
<p>“Today’s announcement evidences the continued execution of Venerable’s growth strategy, demonstrates the strength of our team, and further establishes us as the partner of choice in the variable annuity risk transfer space,” said <span class="xn-person"><person>David Marcinek</person></span>, Chairman of Venerable. “Manulife is a sophisticated counterparty with exacting risk management objectives, and we look forward to working with them to realize the value this agreement will deliver to both of our organizations.”</p>
<p>On a pro forma basis, as of 3/31/2021, the transaction will increase Venerable’s assets under risk management from <span class="xn-money"><money>US$71 billion</money></span> to <span class="xn-money"><money>US$94 billion</money></span>.</p>
<p><span class="xn-person"><person>Pat Lusk</person></span>, Venerable’s CEO, said, “We value the opportunity to work with Manulife on this transaction, and our organization stands ready to execute a successful close early next year. Our unique risk transfer offering and accomplished team, coupled with our robust valuation, hedging, and risk management practices, continue to provide exceptional value to counterparties.”</p>
<p>The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions.</p>
<p><org value="ACORN:1648682691" idsrc="xmltag.org" >Wells Fargo Securities, LLC</org> is serving as financial advisor, and <org value="ACORN:0585050338" idsrc="xmltag.org" >Sidley Austin LLP</org> is serving as legal counsel to Venerable in connection with this transaction.</p>
<p><strong>About Venerable</strong></p>
<p>Venerable is a privately held company with business operations based in <span class="xn-location"><location value="LU/us.pa.wester" idsrc="xmltag.org" >West Chester, Pennsylvania</location></span> and <span class="xn-location"><location value="LU/us.ia.desmns" idsrc="xmltag.org" >Des Moines, Iowa</location></span>. Venerable owns and manages legacy variable annuity business acquired from other entities. Created by an investor group led by affiliates of <org>Apollo Global Management, LLC</org>, <org value="ACORN:2460137578" idsrc="xmltag.org" >Crestview Partners</org>, <org value="ACORN:3512144962" idsrc="xmltag.org" >Reverence Capital Partners</org>, and <org value="ACORN:0721921274" idsrc="xmltag.org" >Athene Holdings, Ltd.</org>, Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital. For more information, please visit <a href="http://www.venerable.com">www.venerable.com</a>.</p>
<p><strong>Contact:</strong></p>
<p>Venerable<br class="dnr" /><span class="xn-person"><person>Allison Proud</person></span><br class="dnr" />Corporate Communications<br class="dnr" />+(610) 249-9730</p>
<p class="tags">
<div><strong>See Campaign: </strong><a href="http://www.venerable.com" target="_blank"><a href="http://www.venerable.com">http://www.venerable.com</a></a><br/><b>Contact Information:</b><br/><org>Allison Proud
Corporate Communications</org>
+(610) 249-9730<br/><br/><br/><br/></div>
Venerable Enters into Reinsurance Agreement with Manulife Financial Corporation
<p>The reinsured business primarily comprises contracts with guaranteed minimum withdrawal benefits (GMWB), issued between 2003 and 2012 by John Hancock Life Insurance Company (<span class="xn-location"><location value="LC/us" idsrc="xmltag.org" >U.S.A.</location></span>), a <span class="xn-location"><location value="LS/us.mi" idsrc="xmltag.org" >Michigan</location></span> domiciled entity. A small block of policies with only guaranteed minimum death benefits (GMDB) is also included. <span class="xn-person"><person>John Hancock</person></span> will retain administration of the block as part of the agreement.</p>
<p>“Today’s announcement evidences the continued execution of Venerable’s growth strategy, demonstrates the strength of our team, and further establishes us as the partner of choice in the variable annuity risk transfer space,” said <span class="xn-person"><person>David Marcinek</person></span>, Chairman of Venerable. “Manulife is a sophisticated counterparty with exacting risk management objectives, and we look forward to working with them to realize the value this agreement will deliver to both of our organizations.”</p>
<p>On a pro forma basis, as of 3/31/2021, the transaction will increase Venerable’s assets under risk management from <span class="xn-money"><money>US$71 billion</money></span> to <span class="xn-money"><money>US$94 billion</money></span>.</p>
<p><span class="xn-person"><person>Pat Lusk</person></span>, Venerable’s CEO, said, “We value the opportunity to work with Manulife on this transaction, and our organization stands ready to execute a successful close early next year. Our unique risk transfer offering and accomplished team, coupled with our robust valuation, hedging, and risk management practices, continue to provide exceptional value to counterparties.”</p>
<p>The transaction is expected to close in the first quarter of 2022, subject to customary closing conditions.</p>
<p><org value="ACORN:1648682691" idsrc="xmltag.org" >Wells Fargo Securities, LLC</org> is serving as financial advisor, and <org value="ACORN:0585050338" idsrc="xmltag.org" >Sidley Austin LLP</org> is serving as legal counsel to Venerable in connection with this transaction.</p>
<p><strong>About Venerable</strong></p>
<p>Venerable is a privately held company with business operations based in <span class="xn-location"><location value="LU/us.pa.wester" idsrc="xmltag.org" >West Chester, Pennsylvania</location></span> and <span class="xn-location"><location value="LU/us.ia.desmns" idsrc="xmltag.org" >Des Moines, Iowa</location></span>. Venerable owns and manages legacy variable annuity business acquired from other entities. Created by an investor group led by affiliates of <org>Apollo Global Management, LLC</org>, <org value="ACORN:2460137578" idsrc="xmltag.org" >Crestview Partners</org>, <org value="ACORN:3512144962" idsrc="xmltag.org" >Reverence Capital Partners</org>, and <org value="ACORN:0721921274" idsrc="xmltag.org" >Athene Holdings, Ltd.</org>, Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital. For more information, please visit <a href="http://www.venerable.com">www.venerable.com</a>.</p>
<p><strong>Contact:</strong></p>
<p>Venerable<br class="dnr" /><span class="xn-person"><person>Allison Proud</person></span><br class="dnr" />Corporate Communications<br class="dnr" />+(610) 249-9730</p>
<p class="tags">
<div><strong>See Campaign: </strong><a href="http://www.venerable.com" target="_blank"><a href="http://www.venerable.com">http://www.venerable.com</a></a><br/><b>Contact Information:</b><br/><org>Allison Proud
Corporate Communications</org>
+(610) 249-9730<br/><br/><br/><br/></div>
AM Best Affirms Credit Ratings of RF&G Insurance Company Limited
UPDATE – Sompo International Insurance appoints Eric J. Kox as Country Manager, Germany and strengthens Professional Lines underwriting team with the addition of Susanne Adam
Advisor News
- From loss to security: Supporting widowed clients with life insurance
- Plan now for lower Social Security benefits later
- The conversation almost no advisor is having yet
- Why advisors should offer retirement-longevity planning
- A hybrid approach outperforms the 4% Rule, researchers find
More Advisor NewsAnnuity News
- Empower Annuity Insurance Company of America Trademark Application for “EMPOWER WHAT’S NEXT” Filed: Empower Annuity Insurance Company of America
- Industry pushes back on linking ‘financial strength’ to annuity illustrations
- Sammons Enterprises & Sammons Financial Group Respond to Reports
- The Manhattan Life Insurance Company Acquires Union Security Life Insurance Company of New York
- Cayman Islands premier to meet with U.S. reinsurance regulators
More Annuity NewsHealth/Employee Benefits News
Life Insurance News
- New Influenza Study Results from University of Auckland Described (Risk Management In Deadly Times: the Us Life Insurance Industry In the 1918-9 Influenza Pandemic): Influenza
- AM Best Assigns Credit Ratings to InEvo Re Ltd.
- Life Insurance Awareness Month: Time to Reassess Your Coverage
- U-Haul Holding Company Announces Twentieth Annual Virtual Analyst and Investor Meeting
- Securian Financial Increases Individual Life Retention to $10 Million, Strengthening Support for High-Net-Worth Life Insurance Market
More Life Insurance News