Warwick Re Ltd, a Bermuda-domiciled reinsurer, has completed a roughly $500 million quota share reinsurance agreement with UK bulk purchase annuity (BPA) insurer Just Group plc.
This inaugural transaction for Warwick Re, a provider of solutions to cedants in the life insurance, annuity and pension sectors through both in-force and flow agreements, was completed in December 2023.
Chris McGlashan, Founder and Chief Executive Officer, Warwick Re, commented, “We are delighted to offer our significant reinsurance and asset management capabilities to further support Just’s BPA business.
“Our innovative, collateralized structures address a growing need in the UK BPA market through reinsuring asset and longevity risks at attractive pricing levels to support insurers’ originations. In addition to UK BPA, we look forward to working with US and European clients in the life insurance, fixed annuity and pension risk transfer markets.”
Prashant Mehta, Just’s Head of Reinsurance Relationships, added, “We are pleased to have successfully reinsured both longevity and asset risk in this funded reinsurance transaction with Warwick Re. This is Just’s first deal with Warwick Re, and our third funded reinsurance deal over the last five years (2019-23).
“Over the same period, cumulative ceded liabilities total circa £0.9 billion of funded reinsurance, out of a total defined benefit premium written of £11 billion. We are delighted to add Warwick Re to our panel of reinsurers, thereby enhancing our reinsurance capabilities and further diversifying our funded and longevity reinsurance partners.”
Warwick Re is a registered Class E reinsurer in Bermuda and has an Insurer Financial Strength (IFS) rating of “BBB” (Good) with a stable outlook from Fitch Ratings.
