WEST CHESTER, PA — Venerable Holdings, Inc. announced the successful transfer of a legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company to its administrative platform. The landmark initiative involves deferred and payout annuities from Equitable’s Accumulator® Series 06, 07, and 8.1 contracts that were reinsured by Venerable.
This transfer marks a groundbreaking achievement in the variable annuity space, establishing Venerable as the first firm to execute a full transfer of risk on a reinsured variable annuity block. Originally set in motion by a partnership between Venerable and Equitable in 2020, the transaction reflects Venerable’s strategic push to develop specialized capabilities and drive long-term growth.
“In taking ownership of this initial wave of novated contracts, our team has achieved what no other variable annuity company has – the complete transfer of risk on a reinsured variable annuity block,” said David Marcinek, Chairman and CEO of Venerable. “While these conversion projects are complex, Venerable has the people, process, and technology to handle them successfully. We are grateful for Equitable’s partnership and look forward to our continued work with them and others who may be interested in value-add risk transfer solutions.”
This achievement underscores Venerable’s leadership in the development of innovative processes and platforms that support the efficient transfer of legacy annuity risks. With its focus on scalable solutions and advanced administration capabilities, this initiative not only secures Venerable’s position as a leader in its industry but also sets the stage for its continued expansion and partnerships in the evolving annuity marketplace.
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