After acquisition, which includes Forethought’s products and designs, distribution, marketing, intellectual capital and people, as well as all in-force business, it will trade as a wholly owned subsidiary of Global Atlantic.
Global Atlantic chairman and CEO Allan Levine said, "The closing of the Forethought acquisition brings Global Atlantic an experienced and talented team, a diversified in-force block of life and annuity business and significant distribution reach in both the annuity and preneed life insurance markets."
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"We are now well-positioned to provide a full range of innovative life and annuity solutions to help individuals address their financial needs.
"Combining these two organizations’ complementary resources will help us drive steady, consistent growth," Levine added.
As per the terms of the agreement, Houston-based Forethought will remain trading its preneed life insurance and annuity businesses under the Forethought brand.
Forethought Life Insurance Company president Michael Reardon will join Global Atlantic in the same capacity and will report to Levine.
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By GlobalDataForethought chairman, president and CEO John Graf will join the board of Global Atlantic and become non-executive vice chairman of the life and annuity business.
