Privately held, West Chester, Pa.-based Venerable Holdings Inc. has finalized its previously announced deal with Corebridge Financial Inc., boosting its total assets under risk management from $67 billion to $118 billion on a pro forma basis as of March 31, 2025.
Assets under management across its affiliated investment advisers are expected to more than triple to about $52 billion, according to Venerable.
“The successful close of all aspects of this landmark agreement marks a pivotal moment for Venerable,” said Venerable Chairman and CEO David Marcinek. “By expanding our capabilities as a leading provider of risk transfer solutions we are better positioned than ever to serve our insurance clients and the retirement sector more broadly.”
Venerable said Jan. 5 that it has completed its acquisition of SunAmerica Asset Management LLC and closed a related reinsurance transaction with The United States Life Insurance Company in the City of New York, marking the final steps in the sweeping agreement with Corebridge Financial announced in June 2025.
The latest closings follow Venerable’s August 2025 completion of a $48-billion reinsurance transaction with American General Life Insurance Company, another Corebridge affiliate, and the start of new variable annuity reinsurance business.
The acquisition of SunAmerica Asset Management brings 53 employees to Venerable and expands its physical footprint, adding an office in Houston and increasing its presence in New York City at One World Trade Center.
Venerable executives said the transactions strengthen the company’s position in risk transfer and investment management services for insurers and the retirement market.
“We are thrilled to welcome our new colleagues from SAAMCo to our Venerable community,” said Tim Brown, president of Venerable Advisers. “Their deep expertise will be invaluable as we continue to grow our investment adviser capabilities and offerings, and I’m confident their talent will help drive our collective success.”
Citi and Wells Fargo Securities LLC served as financial advisors, Milliman Inc. was actuarial advisor, and Sidley Austin LLP acted as legal counsel to Venerable in connection with the transaction.