Global Atlantic Financial Inks $10 Bln Block Reinsurance Deal With Manulife

(RTTNews) - Global Atlantic Financial Group, an insurance company majority owned by KKR & Co. Inc. (KKR) announced on Monday that it has signed a $10 billion reinsurance deal with Manulife Financial Corp. (MFC.TO, MFC) across Japan and the U.S. business.

Under the terms, Manulife will reinsure the blocks and transfer general account assets to Global Atlantic. Manulife will also retain servicing and administration of the policies.

The transaction is expected to be closed in the first half of 2024.

The block currently has around $10 billion in general account assets across multiple product lines including payout annuities, whole-life policies, and long-term care policies.

The Japan whole life block represents approximately $4 billion 574 billion yen assets making the transaction one of the largest Japanese reinsurance deals in recent history.