Oceanview Reinsurance assumes $1bn of fixed annuity reserves

Oceanview Reinsurance, a Bermuda Class E insurance company, has entered into a transaction to assume approximately $1 billion of fixed annuity reserves from an A++ rated US life insurance company which represents legacy fixed annuity business.

The name of the cedant or further details of the transaction were not disclosed.

Oceanview Reinsurance, rated A- by AM Best, is a wholly owned subsidiary of Oceanview Holdings. It provides customized reinsurance solutions for fixed annuities and other asset intensive life insurance liabilities.