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

Pending regulatory approvals, the transaction is expected to be completed in early 2014. Financial terms of the deal have not been revealed.

Under the agreement, Forethought will retain its brand name and will operate as a wholly owned subsidiary of Global Atlantic.

Global Atlantic chairman and CEO Allan Levine said that the transaction will advance the growth strategies of both organizations.

"The combination of Global Atlantic’s Life and Annuity franchise with Forethought’s leading annuity distribution and pre-need business will further diversify our product mix and position us to provide a full range of innovative life and annuity solutions to our clients.

"With additional capital resources, Forethought can build on its recent success in the annuity market while also growing its position as a leader in pre-need insurance," Levine added.

Levine will continue as chairman and CEO of the united firm, while John Graf will join the board of Global Atlantic as non-executive vice chairman of the L&A Business.

Global Atlantic operates in both life & annuity and property & casualty lines of business through subsidiaries in New York, Massachusetts, Bermuda and London.