Press Release - DECEMBER 05, 2017
A.M. Best Comments on Credit Ratings of Global Atlantic Financial Group Ltd Following Announced Talcott Resolution Transaction
FOR IMMEDIATE RELEASE
OLDWICK - DECEMBER 05, 2017
Under the terms of the agreement, Global Atlantic will take a minority equity position in Talcott and assume approximately $9 billion of fixed annuities, payout annuities and structured settlements through a coinsurance agreement. Global Atlantic’s participation in the transaction is aligned with its long-term strategy of assuming blocks of fixed annuity products since its inception in 2004, when it was part of The Goldman Sachs Group, Inc. A.M. Best notes that the transaction results in a material increase to Global Atlantic’s asset base; however, the direct impact to capitalization and operating results are expected to be modest and slightly accretive. The transaction is expected to close in the second quarter of 2018, pending regulatory approval and other customary closing conditions.
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