Venerable Novates Initial Block of Variable Annuities from Equitable

Business Wire

WEST CHESTER, Pa.--(BUSINESS WIRE)--
Venerable Holdings, Inc. (Venerable), is pleased to share the successful transfer of a legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company ("Equitable") to the Venerable administrative platform. The novated legacy block includes deferred and payout annuities from Equitable’s Accumulator® Series 06, 07, and 8.1 contracts reinsured by Venerable.ⁱ

This strategic initiative, facilitated by the initial engagement between Venerable and Equitable announced in 2020, establishes first-of-its-kind industry capabilities at Venerable and supports the firm’s long-term strategic growth aspirations.

“In taking ownership of this initial wave of novated contracts, our team has achieved what no other variable annuity company has – the complete transfer of risk on a reinsured variable annuity block,” said David Marcinek, Chairman and CEO of Venerable. “While these conversion projects are complex, Venerable has the people, process and technology to handle them successfully. We are grateful for Equitable’s partnership and look forward to our continued work with them and others who may be interested in value-add risk transfer solutions.”

About Venerable

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 Holdings, Ltd., 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 www.venerable.com.

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ⁱ Actual contracts from the Accumulator® Series 06, 07 and 8.1 legacy block of contracts that are included in the novation will vary based on state, product feature, and annuitization status.