Venerable Strengthens Variable Annuity Flow Reinsurance Leadership

Venerable has appointed Alexandra Findleton as head of flow reinsurance, expanding its leadership to support growth in variable annuity flow reinsurance. This role enhancement aligns with Venerable's strategy to build on its existing block reinsurance business by focusing on variable annuity flow transactions. The move follows Venerable's June agreement with Corebridge Financial, which includes reinsurance of $51 billion in variable annuity business from American General Life Insurance Company and The US Life Insurance Company of New York, alongside the planned acquisition of SunAmerica Asset Management. This partnership marks the beginning of Venerable’s activity in live flow reinsurance, expected to add approximately $48 billion to assets under risk management and generate $1.25 billion in annual sales. New variable annuity contracts from Corebridge's individual retirement business are now being reinsured through Venerable's flow structure, positioning Findleton to oversee future transaction growth alongside managing existing blocks. Pro forma projections indicate that finalizing the Corebridge transactions and SunAmerica acquisition could raise Venerable's assets under risk from $67 billion to about $118 billion by March 2025. In her role, Findleton is responsible for developing additional flow reinsurance deals, managing counterparty relationships, negotiating terms, and collaborating with internal teams to ensure alignment with Venerable’s financial goals. The establishment of this dedicated leadership position aims to streamline accountability and governance as Venerable expands its flow reinsurance business. This strategic expansion reflects a broader industry trend among US life and annuity insurers leveraging reinsurance solutions to manage the capital demands of variable annuity liabilities. The Corebridge deal exemplifies this movement, illustrating a shift toward using flow reinsurance to transfer liabilities and enhance capital efficiency in retirement business segments.