Commonwealth Re passes $25bn in block transactions
Commonwealth Re, the primary reinsurance company for Global Atlantic Financial Group, and its affiliates, have surpassed $25 billion in block transactions, including three transactions in the last 12 months.
Since 2004, the team has facilitated block reinsurance transactions of $27 billion in the life and annuity industry, helping insurers meet their risk and capital objectives.
“This growth is a testament to our ability to partner with our clients to solve the unique, complex needs of each transaction,” said Manu Sareen, chief executive officer of Commonwealth Re. “We tailor every transaction to each client’s specific objectives to help that client meet its strategic goals.”
In the last year, the team closed two reinsurance transactions of fixed deferred annuity blocks and signed one treaty on a universal life block. These three transactions total $3 billion in statutory policyholder liabilities and cover 85,000 policies.
“The reinsurance business driven by the team at Commonwealth Re is a core component of Global Atlantic’s diversified business model, which balances annuities, life insurance and reinsurance,” said Allan Levine, chairman and CEO of Global Atlantic Financial Group.
