HAMILTON, Bermuda--(BUSINESS WIRE)--
Global Atlantic Financial Group (Global Atlantic), the multiline insurance and reinsurance company, today announced that its wholly owned subsidiary, Commonwealth Annuity and Life Insurance Co., has successfully completed its acquisition of Aviva USA’s life insurance business following receipt of all necessary regulatory approvals.
The acquired business and team will continue to be based out of Des Moines, Iowa. The group will be led by Mike Miller, who will report to Nicholas von Moltke, President and Chief Operating Officer of the Global Atlantic Life & Annuity business.
"Closing this transaction is an important milestone in the strategic growth of our business,” said Allan Levine, Chairman and CEO of Global Atlantic. “We look forward to being able to offer our clients and partners a very smooth transition and continuity of the high level service they have come to expect. We’re excited to be part of the Des Moines community and to provide new and expanded opportunities to our local employees.”
About Global Atlantic
Global Atlantic is a multiline insurance and reinsurance holding company that operates in both Life & Annuity and Property & Casualty lines of business through subsidiaries in New York, Massachusetts, Bermuda, London, and following the close of its acquisition of the Aviva USA life business, Iowa. Global Atlantic was founded in 2004 at Goldman Sachs and entered the Life & Annuity market by acquiring Commonwealth Annuity and Life Insurance Company (formerly Allmerica Financial) in 2005. At the close of this transaction, the Global Atlantic Life business, which provides innovative insurance, reinsurance and strategic solutions to the life & annuity industry, will have over $31 billion in assets. Global Atlantic entered the Property & Casualty business in 2005 and offers reinsurance and insurance through its syndicate at Lloyd’s of London operating under the Ariel Re brand. Global Atlantic separated from Goldman Sachs in April of 2013.
- Mergers, Acquisitions & Takeovers