secwatch.observer — SEC 8-K summary
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Issuer:     Jackson Financial Inc. (JXN)
CIK:        0001822993
Form:       8-K
Filed at:   2023-12-15T23:59:59+00:00
Accession:  0001104659-23-126174
Event type: regulatory
Sentiment:  positive
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Jackson Financial receives Michigan regulator approval to form captive reinsurer Brooke Re
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- Michigan DIFS initial approval Dec 14, 2023; funding expected in January 2024 with permanent approval thereafter.
- Reinsurance cession of variable annuity market risk benefits effective Jan 1, 2024, closing Q1 2024.
- 100% coinsurance with funds withheld; Jackson retains base contract, investment management, and hedging programs.
- Transaction expected to mitigate cash surrender value floor impact on statutory capital and RBC ratio.
- No impact on holding company cash; RBC ratio targeted 425-500%; details at Feb 2024 earnings call.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822993/000110465923126174/0001104659-23-126174-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822993/000110465923126174/tm2332652d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-126174

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer