Carlyle Group Inc.-backed (CG) Fortitude Reinsurance Co. Ltd. said Friday it closed its acquisition of Prudential Annuities Life Assurance Corp. (PALAC), a unit of Prudential Financial Inc. (PRU), for an undisclosed sum. The deal, which was announced in September, includes about $31 billion of in-force variable annuity account values, mostly from non-New York, traditional variable annuities with guaranteed living benefits issued by PALAC prior to 2011. The deal comes a day after Carlyle Group said it formed Carlyle Insurance Solutions Management LLC and inked a new strategic advisory services agreement with Fortitude Re that will increase its global credit unit's fee-earning assets under management by $50 billion and generate annual fee related earnings by $50 million, effective April 1. Shares of Carlyle Group rose 1.2% in premarket trades. Prudential Financial shares are up 9.2% so far in 2022.
(END) Dow Jones Newswires
April 01, 2022 09:15 ET (13:15 GMT)
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