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

(RTTNews) - 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.