HAMILTON, Bermuda, Aug. 11, 2022 /PRNewswire/ -- Talcott Financial Group ("Talcott"), an international life insurance group and the insurance industry's trusted partner for comprehensive risk solutions, today announced a flow reinsurance transaction executed between its subsidiary Talcott Resolution Life Insurance Company ("Talcott Resolution") and a leading, highly rated U.S. annuity writer ("the cedant").
Under the terms of the agreement, Talcott will reinsure a quota share of the cedant's innovative fixed indexed annuity product, covering business beginning August 2, 2022. The cedant will continue to service and administer the policies as issuer of the contracts.
"This latest transaction demonstrates the strength of our relationships and our ability to serve as a trusted partner to the insurance industry," said Lisa Proch, Interim Co-President, General Counsel and Chief Compliance Officer of Talcott Resolution. "Our team continues to build upon our record of delivering creative solutions that best meet our clients' unique risk needs," said Rob Siracusa, Interim Co-President and Chief Financial Officer for Talcott Resolution.
Talcott Financial Group's extensive capabilities are supported by a highly experienced management team, investment-grade financial strength ratings, and its partnership with Sixth Street, a leading global investment firm. Talcott's platforms include Talcott Resolution, based in Windsor, Connecticut, and Talcott Re, based in Hamilton, Bermuda.
"This flow reinsurance transaction is further evidence that Talcott is growing a substantial and versatile platform across multiple regulatory jurisdictions and product lines," said Imran Siddiqui, Interim President of Talcott Financial Group.
This is the second flow reinsurance transaction and the fifth business transaction overall for the Talcott enterprise since July 2021. As a result of recent business development activity, enterprise assets under management have increased 50% from $94 billion to $137 billion and enterprise general account assets have increased 400% from $15 billion to $62 billion on a pro-forma basis as of March 31, 2022.
Talcott Financial Group, an international life insurance group, is the insurance industry's trusted partner for comprehensive risk solutions. The enterprise benefits from its strong financial position, as evidenced by $137 billion in pro-forma assets under management, its investment-grade financial strength ratings, and its partnership with Sixth Street, a leading global investment firm. Talcott Financial Group's platforms include Talcott Resolution, based in Windsor, Connecticut, and Talcott Re, based in Hamilton, Bermuda. For more information visit www.talcott.com.
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