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  • Writer's pictureShernel Thielman

Global Atlantic Completes $10 Billion Reinsurance Transaction with Manulife and Expands Presence in Japan

Global Atlantic Financial Group, a prominent insurance company specializing in retirement and life insurance solutions, announced the successful conclusion of a $10 billion reinsurance transaction with Manulife Financial Corporation (NYSE: MFC). This strategic transaction, previously disclosed in December and now finalized, involves the reinsurance of a diverse block of Manulife’s life, annuity, and long-term care ("LTC") insurance business in the US and Japan. Notably, it marks Global Atlantic’s third collaboration with Manulife, including their inaugural block reinsurance venture in Japan. General account assets under management supporting the transaction at closing total approximately $10 billion.

Simultaneously, Global Atlantic completed the retrocession of 100% of the long-term care insurance risks to a highly-rated third-party global reinsurance partner. In this arrangement, Global Atlantic retains only the underlying spread-based risks related to the LTC business within the block.

This transaction reinforces Global Atlantic’s standing as a preferred reinsurer in the annuity and life insurance sector, both domestically and globally. With a 20-year track record, encompassing over 40 transactions with nearly 30 clients and reinsurance of more than $140 billion in assets, the company continues to demonstrate its commitment to providing tailored solutions for secure financial futures. The deal also signifies one of the largest Japanese reinsurance agreements in recent history, showcasing Global Atlantic's expanded presence and commitment in Japan and throughout Asia.

About Global Atlantic: Global Atlantic Financial Group, a subsidiary of KKR (NYSE: KKR), excels in addressing the retirement and life insurance needs of individuals and institutions. Leveraging a robust financial foundation and expertise in risk and investment management, the company is dedicated to delivering customized solutions. Global Atlantic's success is rooted in a culture prioritizing integrity, teamwork, and the cultivation of long-term client relationships.

Investment Disclaimer: This information is provided for informational purposes only and does not constitute financial advice or an offer to buy or sell any securities. Investors are encouraged to conduct their own research and seek professional advice before making any investment decisions. Past performance is not indicative of future results.

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