Voya Retirement Insurance And Annuity Company Address


Voya Insurance And Annuity Company

Voya Overview Video Retirement

On September 1st, 2019 VOYA Insurance and Annuity Company, the Legal Entity purchased by Venerable, legally changed its name to Venerable Insurance and Annuity Company.

Venerable Annuity has no intention of issuing and selling its own variable annuities. Rather than selling its own variable annuities, Venerable will seek growth by acquiring existing annuity portfolios of variable annuity policies that insurance companies want to sell.

The company is equally dividing its headquarters between Des Moines and West Chester, Pa., a western suburb of Philadelphia where Voya had based a portion of its variable annuity business.

The potential market for acquiring and managing blocks of variable annuities is substantial, said Patrick Lusk, president, and CEO of Venerable Insurance and Annuity Company. These blocks generally line up well for private equity investors interested in managing the assets of what are essentially run-off blocks of business, the report said.

These run-off blocks also can become platforms for private equity firms to buy additional blocks to add to the run-off model and manage additional assets. A.M. Best said it expects to see continued interest from private equity funds in the life and annuity segment.

Venerable Acquires Voya Financial

In a June 1, 2018 press release, Venerable Holdings, announced the completion of its acquisition of Voya Financial, Inc.s closed Block Variable Annuity business. As announced in December 2017, Voya has divested its CBVA business to Venerable, a private company established to serve as a leading industry solution for the consolidation of closed variable annuity blocks.

Venerable Annuity was created by a group of investors led by affiliates of Apollo Global Management, LLC, Crestview Partners, and Reverence Capital Partners. Athene Holding, Ltd. and Voya also each have a minority position in Venerable.

This transaction demonstrates our strong belief in the attractiveness of the annuity business and the substantial growth opportunity it represents, stated David Marcinek, Chairman, and Senior Managing Director, Venerable Holdings, Inc. As a focused, standalone business, Venerable is well-positioned to deliver best in class service to our policyholders, solutions to the annuity industry and strong financial value to our investors.

Athene will reinsure approximately $19 billion of Voyas fixed and fixed indexed annuities from Venerable and Voya. Venerable financial will administer these existing annuity contracts.

Athene Asset Management will provide asset management services for these fixed annuities. Voya Investment Management will serve as the preferred asset management partner for Venerable Annuities .

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