Allianz Strikes Deal Over Management of $35 Billion in U.S. Annuities

German insurer Allianz SE said its U.S. life insurer had reached an agreement to reinsure liabilities of $35 billion, in one of the largest transactions of its kind.

U.S. subsidiary Allianz Life struck the deal with life insurance group Resolution Life and affiliates of investment firm Sixth Street, including Talcott Resolution Life Insurance Co., for a portfolio of fixed annuities.