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Global Atlantic Makes $4.8 Billion Reinsurance Deal

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What You Need to Know

  • The policies are backed by $4.8 billion in assets.
  • An AXA unit will continue to service and administer the policies.
  • Outside investors will participate in the deal.

Global Atlantic Financial Group is starting to provide reinsurance for insurers based outside of the United States.

The Hamilton, Bermuda-based company said earlier this week that it has agreed to reinsure blocks of whole life business written by two units of S.A. — by AXA China Region Insurance Co. Ltd. and by AXA China Region Insurance Co. (Bermuda) Ltd., which is known as AXA HK.

The policies are backed by assets with a value equivalent to about $4.8 billion.

AXA HK will continue to service and administer the whole life policies involved in the deal.

Global Atlantic has created a co-investment vehicle, Ivy, that gives outside investors a way to invest in reinsurance deals alongside it. The Ivy vehicle will invest in the AXA reinsurance arrangement alongside Global Atlantic, according to the firm.

The History

Global Atlantic came to life in 2004. Originally, it was an arm of Goldman Sachs. It separated from Goldman in 2013.

KKR & Co. Inc. acquired control over Global Atlantic in February.

(Photo: SchnepfDesign/Shutterstock)