Global Atlantic Financial Group to Acquire Forethought

Global Atlantic Financial Group just announced that they have entered into an agreement to buy Forethought Financial Group.  The deal is expected to close in early 2014.  Global Atlantic Financial Group is the same entity that is in the process of purchasing the life division of AVIVA.  The transition will be seamless for current policy holders and Forethought will continue to operate their life and annuity business under the Forethought name. Allan Levine, the chairman and CEO of Global Atlantic will oversea the combined company and John Graf will join the board and become a non-executive Vice-Chairman.

It will be interesting to see how this transition affects the companies product development.  Global Atlantic Financial Group, like Athene, is domiciled out of Bermuda.  This has benefited Athene in pricing and I imagine it will do the same for Global Atlantic.

 

You can read the full press release here:  http://www.cnbc.com/id/101064531

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