First Allmerica Financial

First Allmerica Financial Life Insurance Company (NAIC 69140) is part of Global Atlantic's group of insurers that often sit at the center of large reinsurance and block-transfer transactions. Regulatory documents and orders referencing the company and its NAIC number show it as an operating life insurer used in multi-entity structures. [3]

Global Atlantic has highlighted this role publicly. In 2021 the company announced the closing of a roughly $19 billion reinsurance agreement with MetLife in which certain variable annuity and RILA liabilities were to be transferred to Global Atlantic subsidiaries, including First Allmerica Financial Life Insurance Company. [1] This kind of transaction illustrates a key business model: acquire or reinsure long-duration liabilities, then manage them with specialized asset-liability expertise and scale in investment operations.

Ownership structure also matters. Massachusetts' Attorney General announced commitments related to Global Atlantic's acquisition by KKR, underscoring the role of private-capital ownership in modern life and annuity platforms. [2] A Global Atlantic statutory financial statement file for First Allmerica further reflects the carrier's reporting under insurance accounting and regulatory oversight. [4] Over decades, these reinsurance-led opportunities have allowed platforms like Global Atlantic to grow even when traditional life insurers were retrenching from capital-intensive guarantees after the financial crisis.

First Allmerica Financial Life Insurance Company

• Corporate Owner: Global Atlantic Financial Group
• Corporate Mailing Address: 20 Guest Street, Brighton, MA 02135

Rich History & Highlights

• 1844: Founded as State Mutual Life Assurance Company of Worcester. It was the 5th oldest life insurer in the US.
• 1963: Pop Culture Moment: State Mutual ran an internal "friendship campaign" for employees; they hired graphic designer Harvey Ball who created the Smiley Face icon.
• 1992: Rebranded as Allmerica Financial.
• 1995: Demutualized and became a public company.
• 2005: The Exit: Allmerica Financial sells its life insurance and annuity business (First Allmerica) to Goldman Sachs (which later spun it off as Global Atlantic).
• Status: "First Allmerica" exists as a subsidiary of Commonwealth Annuity (Global Atlantic), primarily housing closed blocks of business.

Source: Hanover Insurance Group (Parent History) | Global Atlantic Corporate Profile

Sources: [1] https://www.businesswire.com/news/home/20210322005214/en/Global-Atlantic-Closes-Reinsurance-Agreement-with-MetLife; [2] https://www.mass.gov/news/attorney-general-healey-secures-commitments-from-global-atlantic-as-it-is-acquired-by-kkr; [3] https://difi.az.gov/enforcement/01a-069-ins; [4] https://www.globalatlantic.com/sites/globalatlantic/files/PDFs/Financial_Statements/FAFLIC_Q32019_Statement.pdf.