Venerable

Venerable is a runoff reinsurance platform — it acquires closed blocks of variable annuity business from insurers seeking to shed legacy liabilities. It does not sell new policies. Revenue derives from the invested general account assets backing those liabilities, with asset management services provided under contract by Apollo Global Management.

As of a corporate restructuring in 2023, Venerable is majority-owned by Carlyle Group and Reverence Capital Partners, with Apollo Global Management retaining a minority stake. The original 2018 acquisition consortium included Apollo, Crestview Partners, and Reverence.

Apollo Global Management serves as Venerable's primary investment manager, deploying the general account across private credit, structured credit, real estate, and infrastructure. The portfolio emphasizes illiquid and yield-oriented assets to maximize the spread above policyholder guarantees over the runoff horizon.

Traditional insurers balance new policy origination with runoff management. Venerable is a closed-block specialist — it runs off acquired liabilities without a sales force, a new-business engine, or retail distribution. This isolates runoff economics from the capital demands of organic growth.

Apollo was a founding sponsor of Venerable and remains its primary asset manager. Under a sub-advisory agreement, Apollo manages the majority of Venerable's general account portfolio, earning fee-based revenue on the deployed capital. Apollo's stake was reduced to a minority position in the 2023 restructuring.