Commonwealth Annuity and Life Insurance Co, a subsidiary of Global Atlantic, has acquired Aviva USA’s life insurance business following receipt of all necessary regulatory approvals.

Global Atlantic Financial Group is a multiline insurance and reinsurance company, which was established in 2004 at Goldman Sachs. It has forayed into the Life & Annuity market by acquiring Commonwealth Annuity and Life Insurance Company (formerly Allmerica Financial) in 2005.

According to the terms of the transaction, the acquired business and team will continue to be based out of Des Moines, Iowa.

Commenting on the deal, Global Atlantic chairman and CEO Allan Levine said that closing this transaction is an important milestone in the strategic growth of the company’s business.

"We’re excited to be part of the Des Moines community and to provide new and expanded opportunities to our local employees," Levine added.

Mike Miller will oversee the operations of the company, who will report to Nicholas von Moltke, president and CEO of the Global Atlantic Life & Annuity business.

In September 2013, Global Atlantic signed an agreement to buy Forethought Financial Group, a US-based financial services company with life insurance and annuity operations.

Global Atlantic operates in both Life & Annuity and Property & Casualty lines of business through subsidiaries in New York, Massachusetts, Bermuda, London, and following the close of its acquisition of the Aviva USA life business, Iowa.