Lincoln Financial Group Receives Regulatory Approval for Reinsurance Transaction With Fortitude Re
Retrieved on:
Thursday, November 2, 2023
Lincoln Financial Group (NYSE:LNC) announced that it received regulatory approval late yesterday for its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. (“Fortitude Re”).
Key Points:
- Lincoln Financial Group (NYSE:LNC) announced that it received regulatory approval late yesterday for its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. (“Fortitude Re”).
- The transaction will have an effective date of October 1, 2023, and is expected to close later this month.
- Under the terms of the agreement, upon closing Lincoln will cede approximately $28 billion of in-force universal life with secondary guarantees (“ULSG”), MoneyGuard® and fixed annuity statutory reserves to Fortitude Re.
- We expect economic benefits of this transaction to be in line with what we originally communicated.”