Strategic Milestone in Risk Transfer Solutions
Venerable Holdings, a prominent player in the risk transfer solutions sector for variable annuity issuers, has successfully finalized the transfer of a significant legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company to its own administrative platform.
This novated legacy block encompasses deferred and payout annuities, specifically from Equitable’s renowned Accumulator® Series 06, 07, and 8.1 contracts, which have been reinsured by Venerable.
Unique Industry Capabilities and Strategic Growth
This pivotal strategic initiative is the result of Venerable and Equitable’s collaboration, which began in 2020. It not only underscores Venerable’s unique capabilities in the industry but also aligns with the firm’s long-term strategic growth objectives.
David Marcinek, Chairman and CEO of Venerable, stated: “By taking ownership of this initial tranche of novated contracts, our team has accomplished what no other variable annuity company has: the complete transfer of risk on a reinsured variable annuity block.”
Expertise in Complex Conversion Projects
Marcinek further highlighted, “Although these conversion projects are inherently complex, Venerable possesses the expert personnel, robust processes, and advanced technology necessary for successful execution. We are thankful for Equitable’s partnership and are eager to continue our collaboration with them and other entities interested in our innovative risk transfer solutions.”
