Great American Life to Cede a Portion of its Annuity Business
On October 26, 2020, Great American Life Insurance Company (Great American Life), the principal life insurer of the publicly traded American Financial Group, Inc. (AFG), announced it had reached an agreement to cede $5.7 billion of fixed and fixed indexed annuities to Commonwealth Annuity & Life Insurance Company (CA&L), a life insurer owned by the privately held Global Atlantic Financial Group Ltd. (Global Atlantic). The transaction is retroactive to October 1, 2020.