Venerable Holdings Successfully Integrates Novated Variable Annuity Contracts
Venerable Holdings, a leader in providing risk transfer solutions for variable annuity issuers, has announced the successful integration of a legacy block of novated variable annuity contracts from Equitable Financial Life Insurance Company into its sophisticated administrative platform.
This strategic transfer involves a block of deferred and payout annuities from Equitable’s Accumulator® Series 06, 07, and 8.1 contracts, which were initially reinsured by Venerable. The collaboration between Venerable and Equitable, which began in 2020, has culminated in this successful transfer, marking a significant milestone in the industry.
David Marcinek, Chairman and CEO of Venerable, remarked, “By assuming ownership of this initial wave of novated contracts, our team has achieved a milestone that no other variable annuity company has managed – the complete transfer of risk on a reinsured variable annuity block.”
He further stated, “While these conversion projects are inherently complex, Venerable has demonstrated the capability, expertise, and technology needed to manage such transitions effectively. We value Equitable’s partnership and are eager to continue our collaboration with them and other entities seeking advanced risk transfer solutions.”
