Reinsurance News
annuity
Karl Canty joins Capco as new partner in US insurance practice
24th June 2024
Capco, the technology and management consultancy, has named Karl Canty as a new partner in its US insurance practice, located in Hartford, CT. Canty will focus on strengthening client relationships, boosting sales, and providing value to insurers, especially to Capco’s prominent Life & Annuities clients. Matthew Hutchins, Partner and Global Head of ... Read the full article
Raghu Ramachandran joins ARM as Director of Life & Annuity
29th May 2024
Actuarial Risk Management Ltd. (ARM) has appointed Raghu Ramachandran as the Director of its Life & Annuity insurance consulting division, effective immediately. As a seasoned investment expert, Ramachandran brings a distinguished career to ARM, spanning several notable positions. These include serving as the Head of Insurance Asset Channel at S&P Dow ... Read the full article
Rising rates boost US life/annuity insurers’ returns in 2023: AM Best
22nd May 2024
A new AM Best report indicates that rising interest rates in 2023 increased the portfolio yields of US life/annuity insurers by nearly 30 basis points, from 4.47% to 4.74%. The Best’s Special Report, “US Life/Annuity Investment Portfolio Yields Rebound in 2023,” attributes the improvement in total portfolio yield to the reinvestment ... Read the full article
Solvency reforms UK: S&P global notes no revolutionary changes for insurers
17th May 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insurance industry generally welcomes these reforms due to their potential to reduce costs and increase ... Read the full article
Genpact & Amazon (AWS) advance Revol One Financial’s entry into fixed annuity insurance market
8th May 2024
Professional services and solutions firm Genpact has collaborated with Amazon Web Services (AWS) to accelerate annuity provider Revol One Financial's entry into the fixed annuity insurance space. Revol One Financial is the marketing name for Revol One Insurance Company and is committed to revolutionizing customer experience in the fixed annuity insurance ... Read the full article
Third Point launches life & annuity reinsurer Malibu Life Re
2nd May 2024
New York based alternative asset manager Third Point LLC has announced the launch of Malibu Life Reinsurance SPC (Malibu Life Re), a newly licensed life and annuity reinsurer based in the Cayman Islands. Malibu Life Re is an independent, Class B(iii) Cayman Islands-based reinsurer wholly owned by Third Point LLC and ... Read the full article
U.S. annuity surrenders surge 18% in Q3’23, outpacing premium growth: AM Best
1st February 2024
In a recent Special Report, credit rating agency AM Best highlighted a significant 18% increase in surrendered annuity policies through the third quarter of 2023, surpassing the growth in premium, which held steady at 17% during the same period. Titled "Annuity Surrenders Up Through 3Q23, Beating Premium Growth," the report sheds ... Read the full article
Fidelity Investments forms retail annuities and pension risk transfer focused reinsurer
17th July 2023
US investment giant Fidelity Investments has formed Soteria Reinsurance Ltd., a newly incorporated Class C insurer registered in Bermuda that will focus on the US retail fixed annuities and pension risk transfer space. On June 20th, 2023, Soteria Re, which is owned directly by Soteria Reinsurance Holdings, LLC, a wholly owned ... Read the full article
Fortitude Re and Lincoln Financial sign $28bn life & annuity reinsurance agreement
3rd May 2023
Global multi-line reinsurer Fortitude Re has entered into an agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation and its affiliates, under which Lincoln will cede approximately $28 billion of in-force universal life insurance and fixed annuity business to Fortitude Re. Specifically, the risk transfer transaction ... Read the full article
US life and annuity sector’s income up 11% in 2022: AM Best
12th April 2023
AM Best’s “First Look” report provides early insight into the financial state of the US life and annuity industry for 2023. The data in this report is consolidated from companies whose 2022 annual statutory statements were received by April 3, 2023. These companies account for ... Read the full article
RGA and RenRe to wind down life & annuity reinsurer Langhorne Re
15th February 2023
Langhorne Re, the global reinsurer targeting large in-force life and annuity blocks launched in 2018 by Reinsurance Group of America (RGA) and RenaissanceRe (RenRe), is being wound down as it failed to complete any deals and its capital commitments expired without renewal, as first reported by our sister publication Artemis. Read the full article
AM Best maintains stable outlook on US life/annuity industry
29th November 2022
In a new report from AM Best, the rating agency has stated that it is maintaining a stable market segment outlook on the US life/annuity insurance industry for 2023. Best cited factors that include favourable earnings, strong liquidity profiles and strong levels of risk-adjusted capitalization among carriers. In the report titled Market ... Read the full article
Venerable & Manulife close $1.6bn variable annuity reinsurance transaction
4th October 2022
Venerable Holdings, a provider of innovative risk transfer solutions to variable annuity issuers, has announced the completion of a reinsurance transaction with Manulife Financial Corporation, a Canadian multinational insurance company and financial services provider. According to the announcement, the transaction involves the reinsurance of a block of New York variable annuity ... Read the full article
Venerable & Manulife close $22bn variable annuity reinsurance transaction
1st February 2022
Manulife Financial Corporation's subsidiary, John Hancock Life Insurance Company (U.S.A.), has completed its previously announced $22 billion reinsurance transaction with Corporate Solutions Life Reinsurance Company, a subsidiary of Venerable Holdings, Inc. The arrangement see Venerable reinsure roughly $22 billion of variable annuity business from Manulife's U.S. subsidiary John Hancock. On a pro ... Read the full article
Martello Re launched as $1.65bn life and annuity reinsurer
12th January 2022
A new Bermuda domiciled life and annuity reinsurance company has been launched with the backing of Massachusetts Mutual Life Insurance Company, Centerbridge Partners, Brown Brothers Harriman, and a pre-eminent group of institutional investors and family offices, including Hudson Structured Capital Management, called Martello Re Limited. Martello Re is a licensed Class ... Read the full article
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