Global Atlantic Financial Group now focuses exclusively on annuities after stopping new life insurance sales in July 2023. The company, which acquired and rebranded Aviva USA as Accordia Life in 2013, unified all operations under the Global Atlantic brand. If you’re searching for Accordia Life insurance, the company only services existing policies. Global Atlantic currently offers fixed indexed annuities, multi-year guaranteed annuities, and variable annuities, backed by an “A” rating from AM Best and 100% ownership by KKR.
Looking for information about Accordia Life insurance? Here’s what you need to know. The brand you’re searching for has been absorbed into its parent company, Global Atlantic Financial Group. If you have an existing Accordia policy, don’t worry. Your coverage remains intact and the company continues to service those policies. But if you’re shopping for new life insurance, you’ll need to look elsewhere.
Global Atlantic made a strategic pivot in 2023. They suspended new indexed universal life insurance sales and effectively exited the life insurance market to concentrate on annuities and reinsurance. This shift reflects broader industry trends, where specialized companies often outperform generalists. We’ve seen this pattern before with other carriers who narrow their focus to do one thing exceptionally well.
This review covers what happened to Accordia Life, Global Atlantic’s current annuity products, their financial strength, and whether their offerings make sense for your retirement planning. We’ll also explain what existing Accordia policyholders need to know.
What Happened to Accordia Life Insurance?
Let’s clear up the confusion. In 2013, Global Atlantic acquired the Aviva USA life insurance division and rebranded it as Accordia Life and Annuity Company. For about 10 years, Accordia operated as a distinct brand within the Global Atlantic family, selling term life, universal life, and indexed universal life insurance products.
Fast forward to July 2023. Global Atlantic suspended new indexed universal life insurance sales. While the company may still service existing policies in some channels, they effectively exited the life insurance market for new business. This wasn’t a financial crisis or regulatory issue. The company made a calculated business decision to focus entirely on annuities, where they’ve built significant expertise and market share.
The Accordia brand has been gradually integrated under Global Atlantic’s operations since the acquisition, with the unification process continuing through 2023-2024. The company still services existing Accordia life insurance policies, but they’re not writing new ones. If you bought an Accordia policy before July 2023, your coverage continues as written. All guarantees remain in place, and claims are paid normally.
What does this mean practically? If you have an Accordia policy, you’ll now interact with Global Atlantic’s customer service team. The contact number is 877-462-8992, and you can email [email protected]. Your policy documents, premium payments, and beneficiary designations all transfer seamlessly under Global Atlantic’s administration.
For people shopping for life insurance, Accordia is no longer an option. But if you’re interested in annuities for retirement income, Global Atlantic remains very much in business.
About Global Atlantic Financial Group
Global Atlantic’s history goes back to 2004, when Goldman Sachs created the Goldman Sachs Reinsurance Group. In 2013, the company separated from Goldman Sachs and became Global Atlantic Financial Group Limited. That same year, they acquired Aviva USA’s life insurance business and launched it as Accordia Life.
The company grew through strategic acquisitions. They picked up Forethought Life Insurance Company, which brought preneed insurance and annuity capabilities acquired from The Hartford. They also operate Commonwealth Annuity and Life Insurance Company and First Allmerica Financial Life Insurance Company as subsidiaries.
Here’s where things get interesting. In 2021, KKR (Kohlberg Kravis Roberts), one of the world’s largest private equity firms, acquired a majority stake in Global Atlantic. In January 2024, KKR increased that stake to 100%. Global Atlantic now operates as a wholly owned subsidiary of KKR, which provides substantial capital backing and investment management expertise.
As of 2025, Global Atlantic manages over $150 billion in assets. They maintain offices across the United States and have built their business model around two core competencies: retirement solutions (primarily annuities) and reinsurance. The reinsurance side allows them to assume risk from other insurance companies, which provides additional revenue streams and helps diversify their risk exposure.
The company employs approximately 2,000 people and works with thousands of independent insurance agents and financial advisors nationwide. Unlike direct-to-consumer insurance companies, you can’t buy Global Atlantic products directly from their website. You’ll need to work through a licensed agent or advisor.
Global Atlantic Financial Strength Ratings
Financial strength matters enormously when buying annuities. Unlike term life insurance that might pay out in 10 or 20 years, annuities are often lifetime commitments. You’re trusting the insurance company to be around and financially stable for 20, 30, or even 40+ years.
Here’s how Global Atlantic stacks up as of 2025:
AM Best: A (Excellent)
This is the third-highest rating out of 13 possible grades. AM Best evaluates insurance companies’ ability to meet ongoing obligations to policyholders. An “A” rating means Global Atlantic has excellent financial strength and operating performance. This rating applies to Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance Company, and Forethought Life Insurance Company.
Standard & Poor’s: A- (Strong)
S&P rates Global Atlantic as A-, which is the sixth-highest rating out of 21 grades. This indicates strong capacity to meet financial commitments, though the company is somewhat more susceptible to adverse economic conditions than higher-rated insurers.
Moody’s: A2 (Good)
Moody’s gives Global Atlantic an A2 rating, the seventh-highest of 21 ratings. This reflects good credit quality with low credit risk, though they’re more vulnerable to long-term risks than higher-rated companies.
Fitch: A (Strong)
Fitch rates Global Atlantic with an “A,” the sixth-highest of 19 possible ratings. This suggests strong capacity to meet policyholder and contract obligations.
What do these ratings mean in plain English? Global Atlantic is financially solid. They’re not in the absolute top tier with companies like Northwestern Mutual or MassMutual (which typically hold A++ or AAA ratings), but they’re in the strong second tier. The company has adequate capital reserves, conservative investment practices, and the financial backing of KKR’s deep pockets.
We’ve worked with clients who hold Global Atlantic annuities, and we’ve never seen issues with claims payments or contract fulfillment. The ratings agencies have consistently maintained stable outlooks on the company.
Global Atlantic Annuity Products
Global Atlantic offers five main types of annuities. Each serves different retirement planning needs, so understanding the distinctions helps you determine if their products align with your goals.
Fixed Index Annuities (FIA)
Fixed indexed annuities tie your returns to stock market indexes like the S&P 500, but with downside protection. When the index goes up, you earn a percentage of that gain (subject to caps and participation rates). When the index drops, your principal stays protected. You don’t lose money when markets crash.
Global Atlantic’s FIA products typically offer multiple index options. You might allocate your premium across the S&P 500, NASDAQ-100, or other indexes. The company uses various crediting methods, including annual point-to-point, monthly averaging, and some proprietary volatility-controlled indexes.
Here’s what we like about their FIAs. The income riders are competitive, meaning you can add guaranteed lifetime income features to your contract. These riders create a separate income account that grows at a guaranteed rate (often 5-7% annually), and you can later convert that income account into guaranteed monthly payments that last your entire life.
The catch? Like all FIAs, you’re giving up unlimited upside potential in exchange for principal protection. If the S&P 500 gains 25% in a year, you might only capture 8-10% of that gain due to caps and participation rates. But you’ll never experience a negative return in a down market year.
FIAs work best for people who want market participation with a safety net. If you’re 5-10 years from retirement and can’t afford another 2008-style portfolio hit, an FIA can provide modest growth while protecting what you’ve already saved.
Multi-Year Guaranteed Annuities (MYGA)
Think of MYGAs as CDs issued by insurance companies instead of banks. You deposit a lump sum, the insurance company guarantees a specific interest rate for a set term (typically 3-10 years), and you get your principal plus interest back at maturity.
Global Atlantic’s MYGA rates fluctuate based on prevailing interest rates, just like bank CDs. In late 2024 and early 2025, their rates were competitive with other major MYGA providers, often in the 4.5-5.5% range for 5-year terms.
The advantages over bank CDs? Tax deferral and higher FDIC limits. With a MYGA, you don’t pay taxes on the interest until you withdraw it. If you’re in a high tax bracket during your working years, this deferral can be valuable. Bank CDs are FDIC insured up to $250,000 per depositor, while state guarantee associations typically cover up to $250,000-500,000 per insurer, depending on your state.
The disadvantage? Early withdrawal penalties. If you need to access your money before the term ends, you’ll face surrender charges that can be substantial. Always make sure you have adequate liquid savings before tying up money in a MYGA.
We often recommend MYGAs for people who have guaranteed income needs at a specific future date. Maybe you’re 60 years old and want guaranteed principal and interest available when you turn 65. A 5-year MYGA fits that timeline perfectly.
Registered Index-Linked Annuities (RILA)
RILAs represent a newer category of annuities. They’re sometimes called “buffer annuities” or “structured annuities.” Here’s how they work. You get exposure to stock market indexes, but with a buffer against losses. The insurance company absorbs the first 10-20% of market losses (depending on the buffer you choose), but you participate in all losses beyond that buffer.
For example, if you choose a 10% buffer and the S&P 500 drops 15%, you’d only lose 5%. The insurance company covers the first 10%. But if the market drops 25%, you’d lose 15%.
The trade-off? In exchange for this buffer protection, you accept a cap on gains. If the S&P 500 gains 20%, you might only capture 12-15% of that gain.
Global Atlantic’s RILA products offer various buffer levels and cap rates. You can typically choose different buffer percentages (10%, 15%, 20%) based on your risk tolerance. Higher buffers generally mean lower caps on the upside.
Who should consider RILAs? People who want more market exposure than an FIA provides, but still want some downside cushion. If you’re comfortable losing up to 10-15% in a bad year but want protection against catastrophic losses, a RILA might fit.
We’re cautious about RILAs. They’re complex products, and understanding exactly how the caps, buffers, and index crediting methods interact requires careful analysis. Make sure you truly understand what you’re buying and how different market scenarios would affect your account value.
Variable Annuities
Variable annuities let you invest in subaccounts that function like mutual funds. You choose from various investment options (stock funds, bond funds, balanced funds), and your account value fluctuates based on how those investments perform. There’s no principal protection unless you add expensive income riders or guaranteed minimum death benefit riders.
Global Atlantic offers variable annuities with a range of investment options and optional riders. The core appeal is tax-deferred growth on your investments. You won’t pay capital gains taxes on trades within the annuity, and you can reallocate between subaccounts without tax consequences.
The disadvantages are significant. Variable annuities typically carry higher fees than other annuity types. You’ll pay mortality and expense charges (often 1-1.5% annually), administrative fees, underlying fund expenses, and rider charges if you add income guarantees. These fees compound over time and can drag down your returns substantially.
We rarely recommend variable annuities. In most cases, clients are better served with a combination of an FIA or MYGA for guaranteed growth, plus a regular brokerage account for aggressive growth investments. The tax deferral benefit of variable annuities doesn’t usually justify the high fees, especially given that distributions are taxed as ordinary income rather than capital gains rates.
Income Annuities (SPIA)
Single Premium Immediate Annuities (SPIAs) convert a lump sum into guaranteed income that starts within a year. You give the insurance company a chunk of money, and they send you a monthly check for life (or for a specified period).
Global Atlantic’s SPIAs offer various payout options. You can choose life-only (highest payment, but nothing goes to heirs), joint life (covers you and a spouse), or period certain (guaranteed payments for 10, 20, or 30 years even if you die).
The advantage is simplicity and certainty. You know exactly how much income you’ll receive and for how long. If you live longer than expected, you come out ahead. The insurance company bears the longevity risk.
The disadvantage is inflexibility. Once you annuitize, you can’t change your mind or access the lump sum. That money is irrevocably converted to income. Also, if you die early (especially with a life-only option), the insurance company keeps the remaining principal. Your heirs get nothing.
SPIAs make sense for specific situations. If you have pension-level income needs and no pension, if you’re worried about outliving your money, or if you need to cover fixed expenses like housing or healthcare, a SPIA can provide peace of mind. But we typically suggest annuitizing only a portion of your retirement savings, not everything.
Pros and Cons of Global Atlantic Annuities
Let’s break down the real advantages and disadvantages of working with Global Atlantic. We’ve helped clients evaluate their products for years, and here’s what we’ve learned.
Advantages
Strong Financial Backing From KKR
Being 100% owned by one of the world’s largest private equity firms provides stability. KKR manages over $600 billion in assets across various strategies. If Global Atlantic ever needed capital support, KKR has deep pockets. This ownership structure also gives Global Atlantic access to sophisticated investment management resources.
Competitive Product Designs
Global Atlantic’s FIA income riders are genuinely competitive with industry leaders like Allianz, Nationwide, and Pacific Life. Their MYGA rates consistently rank in the top quartile when we run rate comparisons. The company invests heavily in product development, which shows in their offerings.
Multiple Annuity Types Available
Unlike some carriers that specialize in just one annuity type, Global Atlantic offers fixed, indexed, RILA, variable, and immediate annuities. This variety lets advisors find appropriate solutions for different client situations under one carrier, which simplifies paperwork and relationships.
Established Market Presence
The company has been around since 2004 (under various names), and they’ve built strong distribution relationships. Most independent agents and broker-dealers can access Global Atlantic products, which means you’re not limited to captive agents.
Disadvantages
No Life Insurance Options
If you’re looking for life insurance, Global Atlantic won’t help. This matters for people who want bundled coverage or who prefer working with one company for all their insurance needs. The Accordia Life exit from life insurance sales means you’ll need to shop elsewhere if you need death benefit coverage.
Customer Service Concerns
The Better Business Bureau shows Global Atlantic isn’t BBB accredited, and they have a pattern of customer complaints. While they’ve closed most complaints, the volume suggests some people struggle with responsiveness or policy servicing issues. We’ve heard from clients who experienced long hold times or difficulty getting clear answers to questions.
Proprietary and Engineered Indexes
Some of Global Atlantic’s FIA products use engineered volatility-controlled indexes rather than straightforward S&P 500 or NASDAQ-100 tracking. These proprietary indexes can be harder to understand and may not perform as expected. We always prefer simple, transparent index options over complex engineered alternatives.
Brand Confusion
The Accordia/Global Atlantic transition created confusion. People still search for Accordia, existing policyholders are uncertain about the rebrand, and some agents haven’t updated their knowledge about the product line changes. This creates friction in the buying process.
How Global Atlantic Compares to Other Annuity Providers
Here’s how Global Atlantic stacks up against major competitors in the annuity space. We’re focusing on companies you’re likely to encounter when shopping for annuities.
Global Atlantic vs. Allianz Life
Allianz is the 800-pound gorilla in indexed annuities. They’ve dominated the FIA market for years with products like the Allianz 222 and Benefit Control. Allianz typically offers slightly higher caps and participation rates than Global Atlantic, but Global Atlantic’s income riders are competitive. Allianz has higher financial strength ratings (A+ from AM Best). If you prioritize absolute financial strength and track record, Allianz edges out Global Atlantic. But Global Atlantic’s products are solid alternatives, especially if rates or features line up better with your situation.
Global Atlantic vs. Nationwide
Nationwide offers excellent FIA products with their Peak series. They’re known for simple, transparent designs and strong customer service. Nationwide is a mutual company, which means policyholders technically own the company. This ownership structure appeals to people who like the mutual company philosophy. Nationwide also holds A+ ratings from AM Best. Global Atlantic’s advantage is product variety. They offer more annuity types across more risk profiles.
Global Atlantic vs. Pacific Life
Pacific Life specializes in variable and indexed annuities with living benefit riders. Their variable annuity platform is extensive, with dozens of investment options. Pacific Life holds higher ratings (A+ from AM Best, AA- from S&P). If you’re specifically interested in variable annuities or complex living benefit riders, Pacific Life typically offers more sophisticated options. Global Atlantic is better for straightforward FIAs and MYGAs.
Global Atlantic vs. MassMutual
MassMutual represents the gold standard in financial strength with A++ ratings across the board. They’re a mutual company with over 170 years of history. MassMutual’s annuities are conservative, reliable, and backed by fortress-like financial strength. They’re not always the most competitive on rates or features, but people buy MassMutual for stability and trustworthiness. Global Atlantic is more aggressive with rates and features but can’t match MassMutual’s financial ratings.
The bottom line? Global Atlantic sits in the second tier of annuity providers. They’re not elite like MassMutual or Northwestern Mutual, but they’re solid, competitive, and backed by substantial capital. If they offer the best rates or features for your specific situation, they’re a reasonable choice. We just wouldn’t put all your retirement eggs in one basket with any single carrier, including Global Atlantic.
Who Should Consider Global Atlantic Annuities?
Global Atlantic annuities make sense for specific situations. Here’s who should put them on the short list.
Retirees Who Need Guaranteed Income
If you’re retired or approaching retirement and you need guaranteed income to cover fixed expenses, Global Atlantic’s FIAs with income riders deliver. The lifetime income guarantees provide security, and the index participation gives you a shot at growth during the accumulation phase. People who don’t have pensions particularly benefit from annuity income guarantees.
Conservative Investors Wanting Principal Protection
If 2008 or 2022 market drops kept you up at night, FIAs and MYGAs eliminate that worry. You’ll sacrifice some upside potential, but you’ll sleep better knowing your retirement savings can’t drop 30% in a bad year. Global Atlantic’s products provide this protection at competitive rates.
People Looking for Tax-Deferred Growth
If you’ve maxed out 401(k) and IRA contributions and you’re in a high tax bracket, annuities offer additional tax-deferred growth space. The interest or gains inside the annuity compound without annual tax bills. This benefit matters most if you plan to hold the annuity for 10+ years and if you expect to be in a lower tax bracket when you withdraw.
Those With Large Qualified Account Balances
If you have $500,000+ sitting in a traditional IRA and you’re worried about sequence-of-returns risk, moving some of that money into an FIA or MYGA can provide stability. You’re already getting tax deferral from the IRA, so you’re not giving up any tax benefits. You’re adding protection and potentially guaranteed income features.
When to Look Elsewhere
Don’t consider Global Atlantic annuities if you need life insurance. They don’t sell it anymore. Look at companies like MassMutual, Northwestern Mutual, or Penn Mutual for comprehensive life insurance and annuity solutions.
Don’t buy variable annuities from Global Atlantic (or anyone else, honestly) unless you have a very specific reason. The fees are high, and better alternatives usually exist.
Don’t use Global Atlantic if you want best-in-class customer service. Based on BBB complaints and our experience, other carriers handle policy servicing more smoothly.
And don’t lock up all your savings in any single annuity or carrier. We typically suggest that annuities represent no more than 30-40% of your total retirement savings. Keep adequate liquidity in regular savings and brokerage accounts.
Frequently Asked Questions
Can I still buy life insurance from Accordia Life?
No. Accordia Life suspended new indexed universal life insurance sales in July 2023. The brand has been unified under Global Atlantic, and Global Atlantic only offers annuities and preneed insurance (through funeral homes). If you need life insurance, you’ll need to look at other carriers. We work with dozens of highly rated life insurance companies and can help you find appropriate coverage.
Is Global Atlantic the same as Accordia Life?
Yes and no. Global Atlantic acquired Aviva USA in 2013 and rebranded it as Accordia Life. For about 10 years, Accordia operated as a separate brand under Global Atlantic’s ownership. The Accordia brand has been gradually integrated under Global Atlantic’s operations since the acquisition, with the unification process continuing through 2023-2024. Accordia Life still exists as a legal entity for servicing existing policies, but all new business is written under Global Atlantic.
What happens to my existing Accordia Life policy?
Your policy continues exactly as written. All guarantees, death benefits, cash values, and policy provisions remain in force. Claims are paid normally. You’ll now interact with Global Atlantic’s customer service instead of Accordia-branded service, but the underlying policy doesn’t change. Contact Global Atlantic at 877-462-8992 or [email protected] if you have questions about your specific policy.
What are Global Atlantic’s financial strength ratings?
Global Atlantic holds an “A” (Excellent) rating from AM Best, “A-” from Standard & Poor’s, “A2” from Moody’s, and “A” from Fitch. These ratings place Global Atlantic in the second tier of financial strength, below elite companies like MassMutual and Northwestern Mutual, but still indicating solid financial stability. The ratings apply to all of Global Atlantic’s insurance subsidiaries, including the former Accordia Life.
How do Global Atlantic annuities compare to competitors?
Global Atlantic’s annuities are competitive but not market-leading. Their FIA income riders match up well against Allianz and Nationwide, and their MYGA rates typically rank in the top quartile. They can’t compete on financial strength with top-rated mutuals, and their customer service gets mixed reviews. But if they offer the best rates or features for your specific situation, they’re a reasonable choice. We typically recommend comparing offers from 3-5 carriers before deciding.
Key Takeaways
- Global Atlantic (formerly Accordia Life) exited the traditional life insurance business in July 2023 and now focuses exclusively on annuities and reinsurance. Existing Accordia life insurance policies remain in force, but no new life insurance is available.
- The company is 100% owned by KKR, one of the world’s largest private equity firms, which provides substantial financial backing and investment management resources. This ownership structure strengthens Global Atlantic’s capital position.
- Financial strength ratings place Global Atlantic in the solid second tier with an “A” from AM Best and similar ratings from S&P, Moody’s, and Fitch. They’re financially stable but don’t match the elite ratings of mutual companies like MassMutual or Northwestern Mutual.
- Global Atlantic offers competitive annuity products including fixed indexed annuities with strong income riders, multi-year guaranteed annuities with top-quartile rates, RILAs with various buffer options, variable annuities, and immediate income annuities. Product designs are solid and rates are competitive.
- Consider Global Atlantic for guaranteed retirement income or principal protection, especially if their rates or features align best with your needs. Look elsewhere if you need life insurance, want best-in-class customer service, or prioritize working with elite-rated insurance companies.
Ready to explore annuity options for your retirement? We work with Global Atlantic and dozens of other top-rated carriers to find the best solutions for your specific situation. No pressure, no pitch—just an honest conversation about what might work for your retirement income needs.
