PartnerRe has announced the completion of its acquisition of life reinsurance company, Aurigen Capital Limited.
Aurigen’s core business has been the reinsurance of life insurance policies of North American residents, and since 2013, mortality risk solutions in the U.S.
Aurigen is a top-five life reinsurer in Canada based on recurring new reinsurance business, with gross premiums at $126 million last year, and a gross premium CAGR of 18% delivered over the last five years.
PartnerRe President and CEO, Emmanuel Clarke, said; “We are very pleased to announce the addition of this well-established franchise and welcome the Aurigen management team and employees to PartnerRe.”
He said the acquisition is consistent with PartnerRe’s strategy “to grow our Life and Health business and expand our life reinsurance footprint in North America with minimal overlap in market coverage.
“The partnership enables us to provide a wider range of Life Reinsurance solutions to both existing and future clients who will benefit from Aurigen’s technical expertise, longstanding relationships and local knowledge supported by PartnerRe’s strong balance sheet, excellent ratings and global franchise.”
Aurigen’s management team and employees will join PartnerRe’s existing Life & Health segment under one newly formed business unit called North America Life.
This unit will be led by Alan Ryder, reporting to Marc Archambault, CEO of Life & Health.