Venerable Holdings Acquires SunAmerica and Expands Risk Management

Venerable Holdings, Inc. has completed the acquisition of SunAmerica Asset Management, LLC (SAAMCo) and finalized a strategic reinsurance transaction with The United States Life Insurance Company in New York (USL). This move concludes a significant deal initially announced with Corebridge Financial, Inc. The acquisition of SAAMCo and the $48 billion reinsurance agreement with American General Life Insurance Company (AGL) underscore Venerable's commitment to expanding its influence in the insurance industry and enhancing regulatory compliance requirements.

The integration of 53 new employees and expansion into new offices in Houston and New York City further strengthens Venerable's capabilities. Tim Brown, President of Venerable Advisers, emphasized confidence in the new team's potential to boost the firm's investment advisory services. The transaction expands Venerable's assets under risk management from $67 billion to $118 billion, with expectations of increasing affiliated advisers’ assets under management to approximately $52 billion.

David Marcinek, Chairman and CEO of Venerable, stated that this agreement reinforces Venerable's standing as a leader in risk transfer solutions for insurance carriers and the retirement market. This strategic development was supported by financial advisor firms Citi and Wells Fargo Securities, LLC, alongside Milliman, Inc. as actuarial advisor, and Sidley Austin LLP as legal counsel.

Venerable, a privately held entity, operates across West Chester, Pennsylvania, Des Moines, Iowa, and New York. It focuses on managing legacy variable annuity businesses, including those acquired from other providers. The organization, backed by investors such as Apollo Global Management, Inc., Crestview Partners, Reverence Capital Partners, and Athene Holding Ltd., established Venerable Investment Advisers, LLC in 2023 to manage mutual funds underpinning Venerable Insurance's variable annuity products. For more details, visit their website at www.venerable.com.