Warwick Re closes second transaction

Long term re/insurer Warwick Re has completed its second annuity transaction, increasing its asset base by approximately $550 million. 

This is the Bermuda-based company’s second transaction ever, and the second announced in a week, after it closed a deal on February 8 to support Just Group, a leading UK BPA insurer. 

Warwick Re said the latest transaction is an annuity reinsurance agreement with a US life insurer.  

“Under the terms of the agreement, Warwick Re has reinsured an in-force block of US annuity business and the cedant will continue to service and administer the policies,” the company said. “ In addition, Warwick Re has agreed to provide quota share reinsurance for future fixed annuity flow business. “ 

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 US annuity market is an important strategic focus for Warwick and is complementary to our UK BPA business.  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.”