Global Atlantic Financial Group grew out of the alternative-asset era of the 2000s. The company describes itself as a multiline insurance and reinsurance organization founded at Goldman Sachs in 2004 and separated as an independent company in April 2013. [1] From the start, its strategy blended retirement-focused insurance liabilities with institutional investment management and reinsurance capabilities. [1]
In the mid-2000s and 2010s, Global Atlantic expanded by acquisition. In 2005 it entered the Life & Annuity market by acquiring Allmerica Life (renamed Commonwealth Annuity and Life Insurance Company). [1] It later acquired the Aviva USA Life business in 2013 (rebranded Accordia Life) and added Forethought Financial Group in 2014, with the company noting Forethought's distribution reach in both annuity and preneed life insurance markets. [1]
Ownership also evolved. A strategic transaction with KKR began with KKR acquiring a majority stake in 2021, after which KKR served as Global Atlantic's asset manager. [2] In January 2024, KKR and Global Atlantic announced the closing of a transaction in which KKR acquired the remaining stake, bringing ownership to 100%. [3] Through market cycles that alternated between low yields and rapid rate increases, Global Atlantic's opportunity has been to use scale, disciplined asset-liability management, and long-term capital to support annuities, life insurance, and reinsurance obligations while competing in a growing U.S. retirement market.
Sources: [1] https://commonwealth.globalatlantic.com/sites/commonwealth/files/2021-09/Global_Atlantic_Completes_Acquisition_of_Forethought_Financial_Group.pdf [2] https://www.globalatlantic.com/news/KKR-completes-acquisition-of-global-atlantic [3] https://media.kkr.com/news-details?news_id=b7ce0ee4-d0a9-4049-8b75-6a975ae32ea9
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