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Venerable Completes Acquisition of Corporate Solutions Life Reinsurance Company June 3, 2021
Venerable Holdings Inc. has completed its acquisition of Corporate Solutions Life Reinsurance Company (CS Life Re), a Delaware domiciled and New York licensed reinsurance company, from Equitable Holdings Inc.
With the close of this transaction, Venerable’s pro forma assets under management and reinsurance increase to approximately $70 billion.
On a pro forma basis, Venerable has more than doubled its general account assets from $9 billion to $19 billion, in addition to more than $51 billion in separate account reinsured.
The transaction includes reinsurance of a legacy variable annuity block from Equitable Financial Life Insurance Company with the combined deal representing $36.5 billion of underlying account value and general account assets. Venerable has also reinsured its existing business into CS Life Re.
Venerable Completes Acquisition from Equitable Holdings
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WEST CHESTER, Pa., June 1, 2021 /PRNewswire/ Venerable Holdings, Inc. ( Venerable ) today announced the completion of its acquisition of Corporate Solutions Life Reinsurance Company ( CS Life Re ), a Delaware domiciled and New York licensed reinsurance company, from Equitable Holdings, Inc. (NYSE: EQH) ( Equitable Holdings ). With the close of this transaction, Venerable s pro forma assets under management and reinsurance increase to approximately $70 billion.
On a pro forma basis, Venerable has more than doubled its general account assets from $9 billion to $19 billion, in addition to over $51 billion in separate account reinsured. The transaction includes reinsurance of a legacy variable annuity block from Equitable Financial Life Insurance Company with the combined deal representing $36.5 billion of underlying account value and general account assets. Venerable has
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AM Best Affirms Credit Ratings of Equitable Holdings, Inc. and Its Life Subsidiaries
January 13, 2021 GMT
OLDWICK, N.J. (BUSINESS WIRE) Jan 13, 2021
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Equitable Financial Life Insurance Company of America (EFLICOA) (Phoenix, AZ) and Equitable Financial Life Insurance Company (EFLIC) (New York, NY). EFLICOA and EFLIC collectively are referred to as Equitable Life Group. The outlook of these Credit Ratings (ratings) is stable.