KBRA Upgrades Venerable Ratings
WEST CHESTER, Pa., May 25, 2023 /PRNewswire/ — Venerable is pleased to announce that Kroll Bond Rating Agency, LLC (KBRA) has upgraded the insurance financial strength rating of its subsidiaries, Venerable Insurance and Annuity Company (VIAC) and Corporate Solutions Life Reinsurance Company (CSLR) to A and the issuer and debt rating of Venerable Holdings, Inc. to BBB. In addition, KBRA has reaffirmed its expectations that Venerable will continue to successfully execute strategic plans, with risk management and hedging programs supporting the maintenance of strong capitalization and liquidity through volatile markets. Further, KBRA expects Venerable will continue to leverage its market position to successfully onboard and manage acquired books of business.
“KBRA’s upgrade of our entities is a validation of our strong performance and Venerable’s position as the market leader in the variable annuity risk transfer space,” said David Marcinek, Chairman and CEO of Venerable. “On the eve of our fifth anniversary as a stand-alone organization, the outlook for our business remains robust as we continue our quest to provide unique solutions to the insurance industry.”
Venerable is a privately held company with business operations in West Chester, Pennsylvania, Des Moines, Iowa, and New York, NY. Venerable owns and manages legacy variable annuity business acquired from other entities. Created by an investor group led by affiliates of Apollo Global Management, LLC, Crestview Partners, Reverence Capital Partners, and Athene Holding Ltd., Venerable is a business with well-established, strategic investors, experienced in successfully building and growing insurance businesses with patient, long-term capital. For more information, please visit www.venerable.com.
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