b'MERGERS & ACQUISITIONS|LIFE SECTORCompany Ltd. (Fortitude Re) for a totaltransaction for $8 billion of fixed deferred and transaction value estimated to be approximatelyimmediate annuity policies between two of its $2.2 billion. PALACs legacy variable annuity blockinsurance subsidiaries and two Ameriprise represents approximately $31 billion of total annuityFinancial (Ameriprise) insurance subsidiaries, account values, which was 17% of Prudentials totalRiverSource Life Insurance Company in-force annuity block as of June 30, 2021.(RiverSource) and RiverSource Life Insurance Co. Prudential announced that the transaction is part ofof New York (RiverSource of New York). The its de-risking strategy to reduce its exposure totransaction closed effective July, with the variable annuities business. exception of the relatively small New York portion.In addition, in May 2021, Massachusetts MutualIn October, Ameriprise announced that it did not Life Insurance Company (Mass Mutual)receive regulatory approval from the NY announced the completion of its acquisition ofDepartment of Financial Services for the New York Great American Life Insurance Company and twoportion of the transaction. of its insurance subsidiaries, a broker-dealerIn June 2021, Venerable Holdings, Inc. affiliate and an insurance distributor (collectively,(Venerable) completed its acquisition from Great American Life), a wholly-ownedEquitable Holdings, Inc. (Equitable) of subsidiary of American Financial Group, Inc.Corporate Solutions Life Reinsurance Company (American Financial) for a purchase price of(CS Life Re), which was Equitables in-force approximately $3.5 billion in cash. Greatvariable annuity reinsurance company. As part of American Life and its subsidiaries hadthe transaction Venerable also reinsured a large approximately $40 billion of annuity reserves asin-force block of annuities from Equitable. of December 31, 2020. American Financial notedFollowing the transaction, Venerables pro forma that this transaction would mark its exit from theAUM and reinsurance increased to approximately market for fixed and indexed annuities,$70 billion. The transaction included reinsurance of permitting it to focus more tightly on its P&Ca legacy variable annuity block (sold between insurance operations. The transaction places2006-2008 and backed by approximately $12 Mass Mutual among the top five individualbillion) from Equitable Financial Life Insurance annuity writers in the US.Company, with the combined deal representing $36.5 billion of underlying account value and Notable Block Reinsurance Transactions general assets. As part of the agreement, Equitable Holdings took a non-controlling 9.09% The life insurance and annuity sector alsoequity stake in Venerables parent holding continued to be an active deal space forcompany, VA Capital Company LLC.reinsurance transactions. Global Atlantic Financial Group (Global Atlantic), a subsidiary of KKR &In December 2021, Allianz Life Insurance Company Co. Inc., continued to be a major player in the lifeof North America (Allianz Life) entered into a and annuity reinsurance market in 2021, with thereinsurance agreement with Sixth Street Partners June 2021 announcement of a reinsurance(Sixth Street) affiliates, including Talcott 10|Global Insurance Industry Year in Review 2021'