Warwick Re closes second transaction with US life insurer
Warwick Re closes second transaction with US life insurer | Insurance Business Australia
Reinsurance
Warwick Re closes second transaction with US life insurer
CEO indicates there will be more deals to follow
Reinsurance
By
Kenneth Araullo
The deal involves Warwick Re taking on the reins of an existing block of US annuity business, while the original insurer will continue to manage and administer the policies. Additionally, Warwick Re has committed to providing quota share reinsurance for new fixed annuity business going forward.
The arrangement, Warwick Re noted, is anticipated to boost the reinsurer’s assets by an estimated $550 million.
Chris McGlashan, the CEO and founder of Warwick Re, shared insights on the significance of this new partnership.
“The US annuity market is an important strategic focus for Warwick and is complementary to our UK BPA business,” McGlashan said. “We look forward to expanding our market presence and working with other US insurers to deploy innovative solutions to meet their capital and risk management objectives and support their fixed annuity originations.”
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