Venerable has appointed Alexandra Findleton (pictured above) as head of flow reinsurance, adding formal leadership to a capability the firm is seeking to build as part of its wider growth strategy.
The expanded role is tied to the company’s push into variable annuity flow reinsurance alongside its existing block reinsurance business.
Venerable first outlined its move into variable annuity flow reinsurance in June, in connection with its agreement with Corebridge Financial, Inc. The transaction includes the reinsurance of US$51 billion of variable annuity business from American General Life Insurance Company and The US Life Insurance Company of New York, as well as the planned acquisition of SunAmerica Asset Management.
That Corebridge deal is also the starting point for Venerable’s live flow reinsurance activity, with the arrangement expected to add roughly US$48 billion to its assets under risk management and drive about US$1.25 billion in annual sales once fully implemented.
New variable annuity contracts written through Corebridge’s individual retirement business are being reinsured to Venerable under the flow structure, placing Findleton’s new remit at the center of future production as well as the in-force block.
On a pro forma basis, Venerable has said that completing the Corebridge block and flow transactions, together with the SunAmerica acquisition, would increase its total assets under risk management from US$67 billion to US$118 billion as of March 31, 2025.
In her expanded position, Findleton will oversee development of additional flow reinsurance transactions, manage counterparty relationships and negotiate terms with cedents. She will also work with internal teams on pricing and risk assessment to align new deals with Venerable’s balance sheet and return targets.
The company said formalizing the head of flow reinsurance role is intended to create clear ownership, accountability and governance around this line of business as it evaluates further opportunities.
“Alexandra played a pivotal role in establishing Venerable as a player in the flow reinsurance market,” said Miles Kaschalk, head of corporate development at Venerable. He said her “leadership, experience, vision, and ability to collaborate will be a great asset to Venerable as we look to aggressively grow in this space.”
Findleton joined Venerable in 2019 and has worked across corporate development and reinsurance transactions. She began her career at Oliver Wyman as a management consultant, focusing on insurance liability models and technology solutions for annuity new business strategies and policy administration system conversions.
The Corebridge agreement itself forms part of a broader shift among US life and annuity carriers using reinsurance to handle capital-intensive variable annuity liabilities, with the US$2.8 billion transaction transferring all variable annuities in Corebridge’s individual retirement business to Venerable subsidiary CS Life Re and adding a forward-looking flow element.
Observers have pointed to such deals as evidence of “broader changes in how US life and annuity insurers manage capital-intensive liabilities.”
