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Insurance company Global Atlantic Financial Group has closed its $10bn reinsurance deal with Manulife.

Previously announced in December, the transaction reinsures a seasoned and diversified block of Manulife’s life annuity and long-term care insurance business that began in the US and Japan.

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In addition, this is the third block transaction Global Atlantic has executed with Manulife and is also Global Atlantic’s first block reinsurance transaction in Japan.

Furthermore, Global Atlantic also closed on the retrocession of 100% of the long-term care insurance risks to a highly rated third-party global reinsurance partner.

With this deal, the firm advances as a reinsurer of choice in the life insurance market, both in the US and across the world.

The company has established a 20-year track record, successfully completing more than 40 transactions with nearly 30 clients and reinsuring more than $140bn of assets since inception.

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US private equity company KKR completed the acquisition of the remaining 37% stake in insurance company Global Atlantic in January 2024.

Announced in November 2023, the all-cash $2.7bn deal takes KKR’s ownership in the insurer to 100%. 

Global Atlantic caters to the retirement and life insurance requirements of both individuals and institutions.  

KKR initially acquired a majority stake in Global Atlantic in 2021 and has since managed its assets. 

Despite the change in ownership, Global Atlantic will retain its current management team and continue to operate under the same brand name.