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Venerable Completes Acquisition from Equitable Holdings
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WEST CHESTER, Pa., June 1, 2021 /PRNewswire/ Venerable Holdings, Inc. ( Venerable ) today announced the completion of its acquisition of Corporate Solutions Life Reinsurance Company ( CS Life Re ), a Delaware domiciled and New York licensed reinsurance company, from Equitable Holdings, Inc. (NYSE: EQH) ( Equitable Holdings ). With the close of this transaction, Venerable s pro forma assets under management and reinsurance increase to approximately $70 billion.
On a pro forma basis, Venerable has more than doubled its general account assets from $9 billion to $19 billion, in addition to over $51 billion in separate account reinsured. The transaction includes reinsurance of a legacy variable annuity block from Equitable Financial Life Insurance Company with the combined deal representing $36.5 billion of underlying account value and general account assets. Venerable has
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Russell Investments, owned by private equity firms TA Associates and Reverence Capital Partners, has hired a new global chief investment officer as well as president, marking the second time in three years that the firm has shuffled its senior leadership team.
The investment services and outsourced CIO firm has tapped Goldman Sachs s Kate El-Hillow as global CIO and J.P. Morgan mutual fund trustee Kevin Klingert as president.
Pete Gunning, who stepped in as Russell’s CIO in October 2018 after Jeff Hussey left the firm, will stay on in a newly created role as vice chairman and strategic relationships officer. Gunning had been CIO before Hussey s five-year tenure in the post.