Reinsurance News
annuity
Athene takes minority share in Australia’s Challenger
7th July 2021
Athene Holding Ltd. and Apollo Global Management have reached an agreement to purchase a 15% minority stake in Challenger Limited from an existing shareholder, marking their entry into the Australian retirement marketplace. Once completed and when combined with other Challenger shares acquired by Athene and Apollo, the acquisition of the 15% ... Read the full article
Global Atlantic in $8bn reinsurance deal with Ameriprise Financial
29th June 2021
Life and annuity insurer Global Atlantic Financial Group has entered into a $8.0 billion annuity reinsurance transaction with financial services company Ameriprise Financial. The deal is comprised primarily of fixed-rate and income annuities alongside a smaller component of fixed index annuities, and was carried out through Global Atlantic subsidiaries Commonwealth Annuity ... Read the full article
Global Atlantic in $5.7bn annuity reinsurance transaction with Great American
24th June 2021
Global Atlantic Financial Group Limited, a U.S. retirement, life re/insurance company, has completed a $5.7 billion fixed and fixed-indexed annuity reinsurance transaction with Great American Life Insurance Company, an affiliate of American Financial Group. Global Atlantic is set to co-invest in the transaction, alongside its subsidiaries, by leveraging the third-party capital ... Read the full article
Aviva inks £190mn bulk annuity deal
28th May 2021
London headquartered insurer Aviva has completed a £190 million bulk purchase annuity buy-in transaction with the Trustees of the Wyeth Group Pension and Life Assurance Scheme. The sponsoring employer, John Wyeth & Brother Limited, is part of the Pfizer Group, one of the world’s largest biopharmaceutical companies. Aviva will insure the defined ... Read the full article
Pacific Life Re seals key $190mn funded reinsurance deal
11th May 2021
Life reinsurer Pacific Life Re has completed a funded reinsurance transaction via its newly-formed Global Funded Solutions (GFS) business line. Covering pensioner and deferred liabilities of around £190 million, the transaction was completed with a leading UK insurer. This was the life reinsurer's second asset-intensive transaction written on an annuity deal and ... Read the full article
National Western Life enters into annuity reinsurance transaction with Prosperity
19th January 2021
National Western Life Insurance Company (NWLIC), part of National Western Life Group, Inc., has completed an annuity reinsurance transaction with Bermuda domiciled reinsurer, Prosperity Life Assurance Limited, effective December 31st, 2020. Prosperity, which is rated A- (Excellent) by A.M. Best, is an emerging provider of bespoke and innovative reinsurance solutions to ... Read the full article
Oceanview Re enters $1bn fixed annuity reserves transaction
24th December 2020
Oceanview Reinsurance Ltd., a recently established life reinsurer based in Bermuda, has entered into a transaction to assume approximately $1 billion of fixed annuity reserves from an A++ rated US life insurer which represents legacy fixed annuity business. The reinsurer is led by President and CEO Alberto Autmezguine, who previously served ... Read the full article
Canada Life secures £146mn bulk annuity deal with Smiths Industries
17th November 2020
Canada Life has secured their tenth bulk annuity purchase, a £146 million bulk annuity with the Smiths Group pension scheme. The £3 billion Smiths Industries Pension Scheme has secured the bulk annuity with Canada Life after the auction process was redesigned to accommodate the post-COVID-19 market conditions. The transaction was described as having taken ... Read the full article
AFG enters into $5.7bn annuity reinsurance transaction with Global Atlantic
27th October 2020
American Financial Group, Inc. (AFG) has entered into a $5.7 billion fixed and fixed-indexed annuity reinsurance transaction with Commonwealth Annuity and Life Insurance Company, a subsidiary of Global Atlantic Financial Group Limited. Under the terms of the agreement, which has an effective date of October 1st, 2020, AFG's Annuity subsidiary, Great ... Read the full article
Resolution Life to acquire Voya’s in-force individual life business
19th December 2019
Resolution Life Group Holdings Ltd has entered into an agreement to acquire the in-force individual life business of Voya Financial, Inc., for a total consideration of USD 1.25 billion. The blocks of business being divested by Voya Financial include those that the firm had previously closed to new sales and include ... Read the full article
U.S. life/annuity sector expands holdings of structured notes: A.M. Best
6th December 2019
A recent report by A.M. Best reveals that over a three-year period (2015-2018), the U.S. life/annuity industry grew its holdings in structured notes by one-third, with book adjusted/carrying value hitting $16 billion. According to A.M. Best, the number of structured notes held by life/annuity insurers jumped from 817 to 1,011 during ... Read the full article
US life/annuity market makes use of low financing costs & interest rates
28th November 2019
Global financial services ratings agency, A.M. Best, has found that the long-term debt obligations among publicly traded U.S. life/annuity insurers declined by 14% between 2010 and 2018, to $89.3 billion. According to A.M. Best, the majority of the 19 companies followed for this report took advantage of lower financing costs in ... Read the full article
£70 billion of longevity deals completed by FTSE 100 companies: Aon
9th October 2019
More than one-third of FTSE 100 companies with defined benefit (DB) pension schemes have taken steps to remove longevity risk via bulk annuities and longevity swap transactions, reports global insurance and reinsurance broker, Aon. To date, £70 billion of completed longevity risk transactions by FTSE 100 firms have taken place, with ... Read the full article
U.S. life/annuity sector’s total income down slightly in H1 2019: A.M. Best
28th August 2019
Analysis from A.M. Best shows that total income in the U.S. life/annuity industry fell slightly in the first-half of 2019 to $422.4 billion, as a $26 billion decline in other income offset a $24.9 billion increase in premiums and annuity considerations. A.M. Best's analysis is derived from companies' first-half 2019 interim ... Read the full article
Court ruling on Prudential/Rothesay expected to disrupt de-risking plans: Fitch
28th August 2019
A recent UK High Court judgement to block Prudential's proposed £12 billion annuities transfer to Rothesay Life, is a sign that some insurers will likely have to retain business that they hoped to offload, warns Fitch Ratings. The proposed Part VII portfolio transfer from Prudential to Rothesay Life, which followed ... Read the full article
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