PartnerRe appoints new LatAm head
PartnerRe has announced that it has completed its purchase of North American life reinsurance company Aurigen Capital.
The acquisition is part of the reinsurer’s strategy to boost its life and health footprint and was first unveiled in October 2016.
Under the terms of the deal the management team and employees of Aurigen will join PartnerRe's existing life and health segment as a newly-formed business unit called North America Life, which will be led by Alan Ryder, reporting to CEO of life and health Marc Archambault.
Formed in 2007, Aurigen is a Canada-based reinsurer that has provided mortality risk solutions in the US since 2013. Aurigen posted gross premiums written of $126 million in 2016, and has delivered a gross premium compound annual growth rate of 18 percent over the last five years.
“This acquisition is consistent with PartnerRe’s strategy to grow our life and health business and expands our life reinsurance footprint in North America with minimal overlap in market coverage,” said PartnerRe president and CEO Emmanuel Clarke in a statement. “The partnership enables us to provide a wider range of life reinsurance solutions to both existing and future clients who will benefit from Aurigen’s technical expertise, longstanding relationships and local knowledge supported by PartnerRe’s strong balance sheet, excellent ratings and global franchise.”
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PartnerRe, Bermuda, Aurigen, North America, Insurance, Reinsurance, M&A, Emmanuel Clarke, Life, Health