Multiline insurance and reinsurance company Global Atlantic Financial Group has acquired Forethought Financial Group, a US-based financial services company with life insurance and annuity operations.

Following completion of the transaction, the acquired entity will operate as a wholly owned subsidiary of Global Atlantic.

Under the terms of the deal, the takeover comprises Forethought’s products and designs, distribution, marketing, intellectual capital and people, as well as all in-force business.

Global Atlantic chairman and CEO Allan Levine said, "The closing of the Forethought acquisition brings Global Atlantic an experienced and talented team, a diversified in-force block of life and annuity business and significant distribution reach in both the annuity and preneed life insurance markets."

"We are now well-positioned to provide a full range of innovative life and annuity solutions to help individuals address their financial needs.

"Combining these two organizations’ complementary resources will help us drive steady, consistent growth."

Houston-based Forethought will continue to trade its preneed life insurance and annuity businesses under the Forethought brand name.

Forethought Life Insurance Company president Michael Reardon will retain his position and join Global Atlantic to lead the new business. He will report to Levine.

John Graf, who was serving as chairman, president and CEO of Forethought, will join the board of Global Atlantic and become non-executive vice chairman of the life and annuity business.

He will work with Levine and the management team on an overall strategy for the integrated organization.

Established at Goldman Sachs in 2004 and separated as an independent company in April of 2013, Global Atlantic operates in both life & annuity and property & casualty lines of business through subsidiaries in New York, Massachusetts, Bermuda and London.