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September 27, 2013updated 13 Apr 2017 8:38am

Global Atlantic agrees to buy Forethought Financial

Bermuda-based multiline insurance and reinsurance company Global Atlantic Financial Group has entered into a definitive agreement to acquire Houston-based Forethought Financial Group.

By Verdict Staff

Forethought Financial has life insurance and annuity operations throughout the US.

Subject to regulatory approval, the deal is expected to close early in 2014. Terms of the deal were not disclosed.

Under the deal, Forethought will continue to operate its life insurance and annuity businesses under its brand name and will become a wholly owned subsidiary of Global Atlantic.

Global Atlantic said that Allan Levine will continue to oversee the combined company as chairman and CEO, while John Graf will join the board of Global Atlantic Financial as non-executive vice chairman of the L&A Business.

Global Atlantic chairman and CEO, Allan Levine, said: "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," Levine added.

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