WEST CHESTER, Pa., Oct. 3, 2022 /PRNewswire/ -- Venerable Holdings, Inc. ("Venerable"), the leader in providing innovative risk transfer solutions to variable annuity issuers, is pleased to announce the completion of a reinsurance transaction with Manulife Financial Corporation (NYSE: MFC) ("Manulife"). The transaction involves the reinsurance of a block of New York variable annuity business from Manulife's subsidiary John Hancock Life Insurance Company of New York ("John Hancock") and complements the reinsurance transaction that closed between the two parties earlier this year.

"We are very pleased to partner with Manulife on this latest transaction and highly value the relationship between the two organizations," said David Marcinek, Chairman of Venerable. "Being able to bring this deal to completion during this period of uncertain markets is a testament to the strength and skill of both parties."

The transaction involves the 80% quota share reinsurance of approximately $1.6bn of account value (as of August 31, 2022), and primarily comprises policies with guaranteed minimum withdrawal benefit (GMWB) riders, issued between 2003 and 2012. A small block of policies with only guaranteed minimum death benefit (GMDB) riders is also included. John Hancock will continue to administer the policies.

Sidley Austin LLP is serving as legal counsel to Venerable in connection with this transaction.

Venerable is a privately held company with business operations based in West Chester, Pennsylvania and Des Moines, Iowa. Venerable owns and manages legacy variable annuity business acquired from other entities. Created by an investor group led by affiliates of Apollo Global Management, LLC, Crestview Partners, Reverence Capital Partners, and Athene Holdings, Ltd., Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital. For more information, please visit www.venerable.com.

Contact:
Venerable
Allison Proud
Corporate Communications
+(610) 249-9730

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SOURCE Venerable