logo
  

Ameriprise Financial Reinsures $8.0 Bln Fixed Annuity Policies With Global Atlantic - Quick Facts

Ameriprise Financial, Inc. (AMP) announced Tuesday that its insurance subsidiaries, RiverSource Life Insurance Co. and RiverSource Life Insurance Co. of New York and together with RiverSource Life, have entered into an agreement with Global Atlantic Financial Group's subsidiaries Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company, to reinsure approximately $8.0 billion of fixed deferred and immediate annuity policies. The transaction will generate approximately $700 million of excess capital.

RiverSource Life will retain account administration and servicing of the policies. The transaction with RiverSource Life is expected to close in July 2021. The transaction with RiverSource Life of New York includes the full block and will be subject to regulatory approval.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration approved Regeneron Pharmaceuticals, Inc.'s Dupixent (dupilumab) to treat eosinophilic esophagitis or EoE, a chronic immune disorder. It is the first FDA approval to treat EoE in adults and pediatric patients 12 years and older weighing at least 40 kilograms. Food products maker J. M. Smucker Co. has recalled select Jif peanut butter products sold in the United States due to potential Salmonella contamination, the U.S. Food and Drug Administration said. The recall involves various creamy, crunchy, natural, no added sugar, and reduced fat peanut butter, among others with lot codes 1274425 - 2140425. Smithfield Packaged Meats Corp. is recalling around 185,610 pounds of ready-to-eat or RTE bacon topping products citing the possible contamination with extraneous materials, specifically metal, the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS announced.
Follow RTT