Equitable to use funds from reinsurance deal to boost AllianceBernstein stake

Equitable Holdings will announce on Monday it aims to raise its stake in money manager AllianceBernstein Holding after striking a new reinsurance deal that will unlock more than $2 billion of cash, the insurer's executives said. The moves will help Equitable double down on higher growth businesses such as asset management. Equitable will unveil later on Monday that about 75% of its in-force individual life business is being reinsured by Reinsurance Group of America.