Warwick Re Announces Transaction Completion
Warwick Re Ltd, a Bermuda-based reinsurance company, announced it has completed its second transaction, an annuity reinsurance agreement with a U.S. life insurer.
A spokesperson said, “Under the terms of the agreement, Warwick Re has reinsured an inforce block of U.S. annuity business and the cedant will continue to service and administer the policies. In addition, Warwick Re has agreed to provide quota share reinsurance for future fixed annuity flow business. The transaction is expected to increase Warwick Re’s asset base by approximately $550 million.”
Warwick Re’s founder and CEO, Chris McGlashan, commented, “We are pleased to form this new reinsurance partnership, which represents another example of our ability to provide capital efficient solutions and asset management expertise to support our clients in growing their businesses. The U.S. annuity market is an important strategic focus for Warwick and is complementary to our U.K. BPA business. We look forward to expanding our market presence and working with other U.S. insurers to deploy innovative solutions to meet their capital and risk management objectives and support their fixed annuity originations.”
