08:41 AM EDT, 08/04/2025 (MT Newswires) -- Corebridge Financial ( CRBG ) said Monday it has closed the largest portion of its previously announced reinsurance agreement with Corporate Solutions Life Reinsurance, a subsidiary of Venerable Holdings.

The deal reinsures all Individual Retirement variable annuities issued by American General Life Insurance, a Corebridge subsidiary, the company said.

In late June, Venerable entered into an agreement to reinsure approximately $51 billion of variable annuity business from American General Life Insurance and The US Life Insurance.

The AGL portion accounts for about 90% of the total value of the transaction with Venerable, covering the reinsurance of the entire in-force book of Individual Retirement variable annuities issued by AGL.

Additionally, under the AGL transaction, new Individual Retirement variable annuity contracts issued by AGL will be reinsured through a continuing flow reinsurance agreement with Venerable.