Venerable novates block of variable annuities from Equitable

Venerable Holdings, a provider of risk transfer solutions to variable annuity issuers, has announced the successful transfer of a legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company, to its administrative platform.

The novated legacy block includes deferred and payout annuities from Equitable’s Accumulator® Series 06, 07, and 8.1 contracts reinsured by Venerable.i.

This strategic initiative results from Venerable and Equitable’s initial engagement in 2020. It establishes unique industry capabilities at Venerable and supports the firm’s long-term strategic growth goals.

David Marcinek, Chairman and CEO of Venerable, commented: “In taking ownership of this initial wave of novated contracts, our team has achieved what no other variable annuity company has – the complete transfer of risk on a reinsured variable annuity block.

“While these conversion projects are complex, Venerable has the people, process and technology to handle them successfully. We are grateful for Equitable’s partnership and look forward to our continued work with them and others who may be interested in value-add risk transfer solutions.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.