An investment company now owns one of the largest U.S. issuers of non-variable annuities.
KKR & Co. Inc. has completed efforts to acquire Global Atlantic Financial Group Ltd., through a deal with a total value of about $4.7 billion. KKR now has about a 60% stake in Global Atlantic.
KKR is a New York-based financial services company with stock that trades on the New York Stock Exchange.
Global Atlantic descends from an insurance investment operation created by Goldman Sachs in 2004. Goldman Sachs turned Global Atlantic into a separate company in 2013.
Over the years, Global Atlantic has acquired Allmerica Life, Forethought Life Insurance Company and the U.S. arm of Aviva PLC. Through the Forethought Life deal, Global Atlantic ended up with the heart for Hartford Financial Services Group Inc.’s annuity origination business.
KKR announced plans to acquire Global Atlantic in July 2020. The companies said at the time that they hoped to close on the deal in early 2021.
Since then, Global Atlantic has reinsured $5.7 billion in annuities for Great American and $7.1 billion in individual disability insurance for Unum Group,