Sun Life, Wilton Re launch $900m US/Bermuda life re platform

Sun Life Financial and Wilton Re have agreed to launch Windsor Life Re, a US- and Bermuda-domiciled reinsurer backed by approximately $900 million of capital that will target growth in the US life and annuity market from the first half of 2027.

Wilton Re will establish Windsor Life Re, supporting growth of Wilton Re’s core in-force life and annuity block origination in the US.  Sun Life will provide insurance and asset management capabilities.

The partnership is expected to deploy approximately US$900 million of capital, with Sun Life and Wilton Re each contributing approximately one-third of the total equity capitalisation. At scale, Windsor Life Re is anticipated to grow to approximately $10 billion in assets.

Under the terms of the agreement, Windsor Life Re will reinsure an initial in-force block of approximately $1.7 billion from Wilton Re. Future business will be ceded by Wilton Re on a quota share basis. 

SLC Management will be the lead asset manager for Windsor Life Re’s investments and will leverage its experience in insurance asset management and its multi-asset investment platform.

The new partnership is expected to launch in the first half of 2027, subject to the parties obtaining the required regulatory approvals and satisfying customary closing conditions. 

Tom Murphy, president of Sun Life Asset Management (pictured left), said: “Unlocking opportunities at the intersection of insurance and asset management is a key strategic goal for Sun Life. We are excited to partner with Wilton Re, an exceptional organization with deep reinsurance expertise, insight and a strong financial reputation. Our partnership with Wilton Re enhances our scale and presence in insurance asset management and provides strategic access to permanent capital to accelerate the growth of our global alternatives asset manager, SLC Management.”

Dmitri Ponomarev, CEO of Wilton Re (pictured right), said: “Windsor Life Re will support Wilton Re's strategic growth, broadening our capital resources and enhancing our capabilities in the in-force life insurance and annuity market. Sun Life is a widely respected global insurer and asset manager with a track record and depth of expertise in investment management for insurance liabilities.”

Jefferies acted as the financial advisor and Sidley Austin LLP acted as the legal advisor to Sun Life. Ardea Partners LP and Wells Fargo acted as the financial advisors and Debevoise & Plimpton LLP acted as the legal advisor to Wilton Re.

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