Venerable Holdings Expands Variable Annuity Reinsurance with Corebridge and American General

Venerable Holdings has initiated a new variable annuity flow reinsurance agreement with Corebridge Financial, alongside completing a reinsurance deal with American General Life Insurance Company. This flow reinsurance is projected to contribute $1.25 billion in annual sales and increase Venerable's assets under risk management by $48 billion. The reinsured portfolio mainly includes contracts with guaranteed minimum withdrawal benefits issued after 2009, indicating a strategic expansion in managing risk associated with these types of variable annuities.