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Global Atlantic Realigns Individual Life and Annuity Distribution

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Global Atlantic Financial Group, a major life and annuity player, is combining its individual life and annuity sales and distribution operations to create a single distribution organization inside its individual markets business.

(Related: KKR Agrees to Buy Global Atlantic for About $4.4 Billion)

The Hamilton, Bermuda-based insurer has named Dave Wilken, who was president of the life distribution business, and Paula Nelson, who was president of the annuity distribution business, to be co-heads of individual markets.

Wilken will oversee individual markets operations and Nelson will work with firms and industry associations, according to Global Atlantic.

Jason Bickler will become the chief distribution officer, and he’ll report to Wilken. Bickler has been head of annuity distribution.

Kelly Milberger will continue to be the head of a separate preneed national sales unit. The preneed unit sells life insurance designed to pay for funerals through agents and funeral homes.

Bickler said in a comment included in the realignment announcement that the changes will support efforts to help the whole client.

“Oftentimes, a combination of annuity and insurance solutions are considered, and we’re ready to help these financial professionals deliver holistic solutions through a single relationship and consistent experience,” Bickler said.

Global Atlantic issues annuities through Forethought Life Insurance Company of Indianapolis; ordinary life insurance through Accordia Life and Annuity Company of Des Moines, Iowa; and preneed life insurance and annuities through Forethought Life Insurance Company of Indianapolis.

Goldman Sachs founded Global Atlantic in 2004 and made the insurer into a separate company in 2013. KKR & Co. announced plans in July to acquire Global Atlantic. The companies say they hope to close on that deal in early 2021.

— Read Global Atlantic Reinsures $5.7 Billion in Great American Annuitieson ThinkAdvisor.

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