Venerable concludes CS Life Re acquisition from Equitable

Venerable has completed the acquisition of Corporate Solutions Life Reinsurance Company (CS Life Re) from Equitable Holdings.

CS Life Re is a Delaware domiciled and New York licensed reinsurance company.

Following the closure of the deal, pro forma assets under management and reinsurance of Venerable surges to nearly $70bn.

Under the arrangement, Equitable will now own a 9.09% equity stake in VA Capital Company, the parent holding company of Venerable.

Following the receipt of regulatory nod, a member of Equitable Holding’s management team will join the board of VA Capital Company.

Venerable has more than doubled its general account assets from $9bn to $19bn, in addition to over $51bn in separate account reinsured.

The deal covers reinsurance of a legacy variable annuity block from Equitable Financial Life Insurance Company with the combined deal representing $36.5bn of underlying account value and general account assets.

Venerable noted that it has also reinsured its existing business into CS Life Re.

AllianceBernstein will serve as the preferred investment manager for the transferred general account assets.

Venerable chairman David Marcinek said: “The completion of this acquisition demonstrates Venerable’s aptitude in executing complex transactions while continuing to showcase our expertise in the management of variable annuity liabilities.

“We welcome Equitable Holdings to our board and look forward to delivering exceptional financial results to all investors as we leverage our strong capitalization to aggressively pursue future growth opportunities.”