Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In connection with the F&G acquisition, certain third party offshore reinsurance businesses acquired were deemed discontinued operations and are presented as such within our Condensed Consolidated Statements of Earnings for the three and four months ended September 30, 2020. As of September 30, 2020, we have agreed to sell F&G Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd (“Aspida”). The closing of the transaction is expected to occur in the fourth quarter of 2020. The sale will be subject to customary closing conditions, including regulatory approval. The transaction is expected to have no material impact to our GAAP financial results.

F&G and Aspida will enter into a funds withheld reinsurance agreement wherein F&G will cede a quota share of MYGA sales occurring after the closing date of the sale.