New Chapter Begins with Closing of KKR Strategic Partnership
I am happy to share this letter from Rob Arena, President of Global Atlantic, announcing that the previously announced acquisition of Global Atlantic by KKR closed today. You can also download a copy on our transaction resource page. I appreciate your partnership and am excited for the opportunities that lie ahead.
February 1, 2021
Today marks a significant milestone in Global Atlantic’s history. Our acquisition by KKR has closed and we begin a new chapter of growth and opportunity together. With this transition of ownership, we remain passionate and committed to being a leading US annuity and life insurance company.
As previously mentioned when we announced the acquisition agreement last July, Global Atlantic will continue to operate as a standalone business under the Global Atlantic brand, with the same leadership as today. Since the initial announcement, we have been working closely with KKR and our progress has affirmed our significant alignment and reinforced our excitement for what the future holds.
With this deal, KKR acquired a majority ownership stake in Global Atlantic. Private investors comprise the balance of our shareholders, including many original investors who want to continue this journey with us. Going forward, we are now a majority-owned subsidiary of KKR, a public company, and will be reported as a standalone segment within KKR’s financials.
However, this is a transaction about partnership more than ownership. We believe the benefits of the KKR and Global Atlantic combination will be far reaching. The long-term capital structure and complementary investment management expertise supports our continued growth and expands our ability to explore new markets and product opportunities, ultimately benefiting you — our distribution partners, as well as our policy owners, with more solutions for today’s needs.
While we are excited for what the future holds, we remain focused today on supporting your business. There are no changes to your contacts or how we conduct business. Our current product portfolio includes options that cover a broad spectrum of client needs for you, and we will continue to invest in a high-quality portfolio to support our obligations.
In closing, I would like to share this video of Global Atlantic’s CEO, Allan Levine, and Scott Nuttall, Co-President and Co-COO of KKR, sharing their perspectives on this deal and its complementary nature. For your reference, you can also view the press release we jointly issued today.
Thank you for the important role you have played as a partner in our success, which has led us to this incredible opportunity. I look forward to an even brighter future.
Sincerely,
Rob Arena
President