Bermudian-based Talcott Financial Group, an international life insurance group, has completed its previously announced reinsurance transaction between its subsidiary, Talcott Resolution Life Insurance Company, and The Guardian Insurance & Annuity Company Inc, a wholly owned subsidiary of The Guardian Life Insurance Company of America.

Under the terms of the agreement, Talcott reinsured a total of $7 billion in variable annuity liabilities, primarily comprised of contracts with guaranteed living withdrawal benefit and death benefit riders. As part of this transaction, Talcott Resolution will assume administration of the reinsured block in approximately two years.

This is the sixth business development transaction for the Talcott enterprise since the company's acquisition by Sixth Street in July 2021.

The company said the close of this transaction further advances Talcott's position as a premier risk partner in the annuity and life insurance marketplace, having reinsured more than $50 billion of assets through block and flow reinsurance transactions since 2021.