KBRA Assigns Ratings to Surplus Notes of Venerable Operating Entities

KBRA assigns a rating of "BBB+” with Stable Outlook to $175 million 7.75% surplus notes due 2045 (“Notes”) issued by Venerable Insurance and Annuity Company (VIAC) and $175 million 7.75% surplus notes due 2045 issued by Corporate Solutions Life Reinsurance Company (CSLR). VIAC and CSLR are insurance operating subsidiaries of Venerable Holdings, Inc. (Venerable) that have KBRA Insurance Financial Strength Ratings of A with a Stable Outlook. As surplus notes, the Notes are deeply subordinated, and payments thereon are subject to the prior approval of the Iowa Division of Insurance. If any payments are not approved, the payment will be extended until approval is given. Interest will continue to accrue on any unpaid principal, but interest will not accrue on unpaid interest. Given that VIAC’s business is reinsured to CSLR and CSLR is a subsidiary of VIAC, and similar to the existing surplus notes, the CSLR surplus notes were issued to VIAC and mirror the terms of the notes issued by VIAC to investors. The surplus notes were issued in conjunction with Venerable’s transaction to reinsure variable annuity business of certain subsidiaries of Corebridge Financial, Inc. that closed on August 1, 2025.

Venerable is a privately held company that owns and manages legacy variable annuity business, including variable annuities acquired from other entities. During 2023, it established Venerable Investment Advisers, LLC, which has overall responsibility for the management of mutual funds underlying VIAC’s variable annuity products.

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