Meet Des Moines’ newest annuity company
August 28, 2018 by Joe Gardyasz
Venerable Holdings Inc. isn’t your typical insurance startup.
The newly formed annuity company, which formally launched on June 1, has leapt out of the gate with about $30 billion in annuity assets under management, over 600,000 policyholders and approximately 240 employees, half of whom are already working in downtown Des Moines.
A consortium of private equity investors — led by affiliates of Apollo Global Management — created Venerable as a stand-alone company to specialize in acquiring and managing blocks of variable annuity policies. Venerable’s initial acquisition was a $30 billion closed block of variable annuities that it bought from Voya Financial Inc.
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