Agam Capital, a global provider of insurance-related asset and liability analytics, and Sompo Life Re Ltd have entered into a multi-year service agreement to support the operations of a new, Bermuda-domiciled life reinsurance platform, Life Re.
The reinsurer engaged and collaborated with Agam on a range of activities to establish its launch operational capabilities and secure the licensing of Life Re.
As previously reported, Sompo Group confirmed that its Bermuda-based subsidiary, Sompo Life Re Ltd., secured a reinsurance license from the Bermuda Monetary Authority (BMA) and commenced operations.
A statement explained, “As part of the establishment of the new entity, Life Re and Agam Bermuda have entered into a multi-year Services Agreement memorialising the relationship between the parties and the services to be provided by Agam to Life Re.”
Agam will provide services to the Sompo-led Life Re management team, including its financial, actuarial, and risk management functions. Additionally, it will support Life Re management in evaluating its strategic asset allocation.
Chak Raghunathan and Avi Katz, Co-Founders, Agam, said, “We are gratified to be working with the accomplished Life Re team on this exciting new reinsurance platform. Globally, our expanded platform and resources are well positioned to enable Life Re to continue to succeed in the execution of its strategic initiatives.”
Tetsuya Morito, Director and Chief Executive Officer, Sompo Life Re, added, “We are pleased to have the support of Agam’s specialist talent and infrastructure as we establish this new capability for Sompo. It provides a strong foundation for us to build upon.”
Satyan Sawhney, Director and Chief Operating Officer, Sompo Life Re, commented, “Working with Agam in recent months has been highly effective and efficient, enabling us to demonstrate strong governance and advanced capabilities at launch.”
