The rating reflects a highly skilled management team that continues to successfully execute its strategy, a track record of strong hedging and overall risk management, robust liquidity and asset/liability management, material internal capital generation with sustained maintenance of solid capitalization, and a strong and expanding market position in the variable annuity (VA) reinsurance market. Balancing these strengths are business concentration risk in variable annuities, high counterparty exposure, and execution risk related to its growth through acquisition strategy and business line extension. Sustained, successful execution of its new three-pillar growth strategy could create a more stable, diversified and balanced growth profile.
Venerable’s strategy combines growth and optimization. Its growth strategy initially focused on acquiring run-off blocks of variable annuities through reinsurance and legal entity acquisitions but has since expanded to include flow…
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