Global Atlantic Financial Group (Global Atlantic), a multiline insurance and reinsurance company, today announced that it has entered into a definitive agreement to acquire Houston-based Forethought Financial Group, Inc. (Forethought), a financial services company with life insurance and annuity operations throughout the US. Forethought will continue to operate its life insurance and annuity businesses under the Forethought name. As a result, clients will experience a seamless transition and continuity of service. The deal is expected to close early in 2014, subject to regulatory approval. Terms of the deal of the two privately held companies were not disclosed.
"We believe the transaction will advance the growth strategies of both organizations,” said Allan Levine, Chairman and CEO of Global Atlantic. “The combination of Global Atlantic’s Life and Annuity franchise with Forethought’s leading annuity distribution and pre-need business will further diversify our product mix and position us to provide a full range of innovative life and annuity solutions to our clients. With additional capital resources, Forethought can build on its recent success in the annuity market while also growing its position as a leader in pre-need insurance.”
“This is the next logical step for Forethought as it continues to build its annuity and pre-need franchise. Global Atlantic brings complementary strengths and deep resources to our existing business which will create an even stronger platform for growth,” said John Graf, CEO and Chairman of Forethought. “This combination will create a seamless transition for our policyholders and distributors, and substantial opportunities for our employees.”
Upon close, Forethought will become a wholly owned subsidiary of Global Atlantic, which will acquire all products and designs, distribution, marketing, intellectual capital and employed talent, as well as all in-force business.
Allan Levine will continue to oversee the combined company as Chairman and CEO. John Graf will join the board of Global Atlantic Financial Group and become non-executive Vice Chairman of the L&A Business and will work with Allan and the management team on an overall strategy for the combined organization. Other key leaders of both Global Atlantic and Forethought’s management will remain in place.
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