Corebridge Financial Stock Rises 5% On $51 Bln Reinsurance Deal With Venerable

(RTTNews) - Corebridge Financial, Inc. (CRBG) shares jumped 5.14 percent to $34.77 on Thursday after Venerable Holdings announced a major reinsurance transaction involving approximately $51 billion of variable annuity business from American General Life Insurance Company and The U.S. Life Insurance Company in the City of New York.

The stock opened at $34.35 and traded between $34.40 and $35.50, with volume reaching 3.6 million shares, above its average of 3.2 million on the New York Stock Exchange. The rally brought Corebridge close to its 52-week high of $35.50, up from a previous close of $33.07, with a 52-week low of $23.69.

As part of the agreement, Venerable will also acquire Corebridge's investment adviser, SunAmerica Asset Management.