Assured Guaranty Ltd. (AGL), an insurance holding company, together with its subsidiaries operating under the Assured Guaranty name, announced that it has entered the annuity reinsurance market with the acquisition of Warwick Re Limited (Warwick Re), a Bermuda-domiciled life and annuity reinsurer, following the transaction, the company has rebranded the business as Assured Life Reinsurance Ltd. (Assured Life Re).
Assured Life Re will reinsure fixed-term annuities and pension risk transfer annuities, building on Assured Guaranty’s long-standing experience in life reinsurance and its asset management capabilities.
For certain assumed risks, Assured Life Re expects that its obligations to ceding insurers will be supported by a guaranty from Assured Guaranty Re Overseas Ltd., an AA-rated affiliate of Assured Guaranty. This approach provides a distinctive structural feature within the life and annuity reinsurance market.
The transaction was finalised on January 21, 2026, and executed via a holding company subsidiary of AGL. The acquisition included Warwick Re’s balance sheet, operating platform, and employees, along with its ultimate parent, Warwick Company (UK) Limited (Warwick Holdings), and Warwick Holdings’ affiliated subsidiaries. The consideration totalled approximately $158 million, subject to standard post-closing adjustments.
Before the acquisition, Warwick Re focused on annuity reinsurance solutions, including US multi-year guaranteed annuities (MYGA) and UK bulk purchase annuities, commonly referred to as pension risk transfer (PRT) transactions. These product lines align with Assured Life Re’s planned activities and provide Assured Guaranty with an established operating base to support growth in the annuity reinsurance sector.
“Assured Guaranty has over 40 years of experience as a financial guarantor and more than 20 years serving the life and annuity insurance sector,” commented Dominic Frederico, President and CEO of Assured Guaranty. “Our deep understanding of the life and annuity reinsurance space, combined with our disciplined approach to risk management and our other core competencies, positions Assured Life Re to successfully participate in the annuity reinsurance market.”
“We are also pleased to announce that Dan Bevill will serve as President of Assured Life Re,” Frederico added. “Dan has been with Assured Guaranty for over 20 years and brings extensive expertise as a structured finance underwriter and the primary originator of our insured exposure to insurance securitisations, including life insurance capital management transactions. Given his long tenure and proven track record, we have full confidence in his ability to lead this new business line.”
Insurance Advisory Partners LLC acted as exclusive financial advisor to Assured Guaranty on the acquisition. Legal counsel was provided by Debevoise & Plimpton LLP and Conyers Dill and Pearman Limited.
