Insurance firm Equitable inks $12 bln reinsurance deal with Venerable

Equitable Holdings Inc said on Tuesday it has entered into an agreement with Venerable Holdings Inc to reinsure about $12 billion in annuities, which will help the insurance firm to return capital to its shareholders. Venerable, a privately held company, will reinsure legacy variable annuity policies sold between 2006 and 2008 under the deal, Equitable said in a press release. The deal will generate about $1.2 billion in value for Equitable, which includes a capital release of $800 million.

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