Corebridge Financial, Inc., an American multinational financial services company, has successfully completed the final portion of a variable annuity reinsurance transaction with Corporate Solutions Life Reinsurance Company, the insurance subsidiary of Venerable Holdings, Inc.
The transaction includes the reinsurance of all individual retirement variable annuities issued by Corebridge subsidiary American Life Insurance Company of New York City and the sale of SunAmerica Asset Management, LLC (SAAMCo), an associated investment advisor and management company.
The announcement follows the completion in August 2025 of the largest component of the transaction to reinsure all individual retirement variable annuities issued by Corebridge Insurance Company subsidiary American General Life Insurance Company (AGL).
Corebridge said the transaction, which is valued at $2.8 billion, including commission waivers and capital release, is expected to generate net after-tax proceeds of approximately $2.1 billion.
Corebridge President and CEO Kevin Hogan said this is a “transformative transaction” that “brings tremendous value to Corebridge and its shareholders.”
With the acquisition of SAAMCo, Venerable welcomed 53 employees and expanded its footprint with a new office in Houston and expansion at One World Trade Center in New York.
Tim Brown, President of Venerable Advisers, said: “We are pleased to welcome our new SAAMCo colleagues to our Venerable community. Their deep expertise will be invaluable as we continue to enhance our investment advisor capabilities and offerings, and I am confident their talents will help drive our collective success.”
With the completion of these transactions, Venerable’s total assets under risk management will increase from $67 billion to $118 billion as of March 31, 2025. In line with Venerable Advisers’ growth strategy, the acquisition of SAAMCo will more than triple affiliated advisers’ assets under management to approximately $52 billion.
“The successful completion of all aspects of this landmark agreement marks a critical moment for Venerable,” said David Marcinek, Venerable’s chairman and chief executive officer. “By expanding our capabilities as a leading provider of risk transfer solutions, we are better positioned than ever to serve our insurance clients and the broader retirement sector.”
Citigroup and Wells Fargo Securities LLC served as Venerable’s financial advisors for the transaction, Milliman, Inc. served as actuarial advisor, and Sidley Austin LLP served as Venerable’s legal advisor.
