Form 8-K Equitable Financial Life For: Oct 03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 | Entry into a Material Definitive Agreement |
On October 3, 2022, Equitable Financial Life Insurance Company, a New York-domiciled life insurance company (the “Company”) and wholly owned subsidiary of Equitable Holdings, Inc., a Delaware corporation (“EQH”), entered into a Coinsurance and Modified Coinsurance Agreement (the “Reinsurance Agreement”) with First Allmerica Financial Life Insurance Company, a Massachusetts-domiciled insurance company (“Reinsurer”), in connection with the completion of the transactions contemplated by the previously announced Master Transaction Agreement, dated August 16, 2022 (the “Agreement”), by and between the Company and the Reinsurer (the “Transaction”). Pursuant to the Reinsurance Agreement, the Company ceded to Reinsurer, on a combined coinsurance and modified coinsurance basis, a 50% quota share of approximately 360,000 legacy Group EQUI-VEST® deferred variable annuity contracts issued by the Company between 1980 and 2008, which predominately include the Company’s highest guaranteed general account crediting rates of 3%, supported by general account assets of approximately $4 billion and $6 billion of separate account value (the “Reinsured Contracts”). At the closing of the Transaction, Reinsurer deposited assets supporting the general account liabilities relating to the Reinsured Contracts into a trust account for the benefit of the Company, which assets will secure its obligations to the Company under the Reinsurance Agreement. The Company reinsured the separate accounts relating to the Reinsured Contracts on a modified coinsurance basis. Commonwealth Annuity and Life Insurance Company, an insurance company domiciled in the Commonwealth of Massachusetts and affiliate of Reinsurer, provided a guarantee of Reinsurer’s payment obligation to the Company under the Reinsurance Agreement. In addition, the investment of assets in the trust account will be subject to investment guidelines and certain capital adequacy related triggers will require enhanced funding. The Reinsurance Agreement also contains additional counterparty risk management and mitigation provisions. At the closing of the Transaction, AllianceBernstein L.P., a subsidiary of EQH (“AB”), entered into an investment advisory agreement with Reinsurer pursuant to which AB will serve as the preferred investment manager of certain general account assets transferred to the trust account. The Company will continue to administer the Reinsured Contracts.
The foregoing description of the Reinsurance Agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the Reinsurance Agreement, a copy of which will be filed along with the Company’s 10-Q later this quarter.
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Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EQUITABLE FINANCIAL LIFE INSURANCE COMPANY | |||||
Date: October 3, 2022 | By: | /s/ Ralph Petruzzo | ||||
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Name: | Ralph Petruzzo | ||||
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Title: | Associate General Counsel |
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ATTACHMENTS / EXHIBITS
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