RenaissanceRe Holdings has teamed up with Reinsurance Group of America, to create new global reinsurer Langhorne Re, a global reinsurer.
Langhorne Re will target large in-force life and annuity blocks and has already secured $780 million of equity capital commitments including investments from RGA and RenaissanceRe.
The new reinsurance company will combine a strong long-term capital base with underwriting and third-party capital management support from RGA and RenaissanceRe to purchase large in-force life and annuity blocks, allowing clients to de-risk and optimise their capital management.
“RenaissanceRe’s experience with managing third party capital and sophisticated risk management combined with RGA’s experience in the life market make this a very attractive partnership,” said Aditya K. Dutt, president, Renaissance Underwriting Managers. “As a result, we expect both clients and policyholders will benefit from our long-term approach and track record of capital stewardship.”
“We are very pleased to announce the launch of Langhorne Re with our strategic partner, RenaissanceRe,” said Scott Cochran, executive vice president, corporate development and acquisitions at RGA. “Powered by the complementary and industry-leading capabilities of RGA and RenaissanceRe, Langhorne Re is uniquely positioned to provide competitive and flexible solutions that expand RGA’s existing client offerings.”
RGA, RenaissanceRe, Reinsurance, Langhorne Re, Equity capital, Life, Annuity, Global