Global Atlantic hires pension risk transfer business managing director from Willis

Annuity and life insurance company Global Atlantic Financial Group has appointed a new managing director leading the firm’s growing pension risk transfer (PRT) reinsurance business.

Edward Root will report to Manu Sareen, president of Institutional Markets, Global Atlantic, and chief executive officer, Global Atlantic Re.

“I’m excited to join Global Atlantic as it seeks to grow its PRT business,” Root said. “The company’s focus on tailored solutions coupled with its financial strength and transaction expertise, make it an appealing business partner for companies seeking options to free capital by lowering expenses or de-risk their exposure to future pension liabilities.”

Root has over 20 years of experience advising large pension plan sponsors and has worked on more than 1,000 PRT transactions, including recent large transactions such as JC Penney, Lockheed Martin, GE, Baxter and Weyerhaeuser. Most recently, he served as managing director at Willis Towers Watson and head of the consulting firm’s PRT group.

“Global Atlantic has quickly grown its PRT reinsurance business, and by bringing Edward to our team, we are reaffirming our commitment to the PRT space,” said Sareen. “We are excited to have him on board. With Ed’s addition and the recent promotions of Darryl Herrick and Jason Kao as co-heads of block and flow reinsurance, we continue to invest in and grow our leading block, flow and PRT reinsurance franchise.”

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