Life reinsurance firm Reinsurance Group of America (RGA) and RenaissanceRe have established Langhorne Re, a reinsurance firm based in Bermuda.
Langhorne Re will acquire in-force life and annuity blocks that will enable clients to de-risk and optimise their capital management.
So far, the newly formed entity has secured about $780m of equity capital commitments including investments from RGA and RenaissanceRe.
RGA executive vice president of corporate development and acquisitions Scott Cochran said: “We are very pleased to announce the launch of Langhorne Re with our strategic partner, RenaissanceRe.
“Powered by the complementary and industry-leading capabilities of RGA and RenaissanceRe, Langhorne Re is uniquely positioned to provide competitive and flexible solutions that expand RGA’s existing client offerings.”
Renaissance Underwriting Managers president Aditya Dutt said: “RenaissanceRe’s experience with managing third party capital and sophisticated risk management combined with RGA’s experience in the life market make this a very attractive partnership.
“As a result, we expect both clients and policyholders will benefit from our long-term approach and track record of capital stewardship.”