Global Atlantic Assumes Some Ameriprise Annuity Risk

March 26, 2019 by Allison Bell

A unit of Global Atlantic Financial Group has agreed to take responsibility for $1.7 billion in fixed annuity obligations off the hands of Ameriprise Financial Inc., Ameriprise announced today.

Commonwealth Annuity and Life Insurance Company is the Global Atlantic unit reinsuring the block of annuities.

RiverSource Life Insurance Company is the Ameriprise unit that has been responsible for the annuities.

Ameriprise said today that the annuities were sold through other companies and had accounted for about 20% of in-force fixed annuity account balances at Ameriprise.

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Originally Posted at ThinkAdvisor on March 19, 2019 by Allison Bell.