Warwick Re closes inaugural reinsurance transaction

Warwick Re closes inaugural reinsurance transaction | Insurance Business Australia

Reinsurance

Warwick Re closes inaugural reinsurance transaction

Deal represents $500 million in coverage

Reinsurance

By
Kenneth Araullo

Bermuda-based Warwick Re has successfully finalized a quota share reinsurance agreement with Just Group plc, a UK-based bulk purchase annuity (BPA) insurer.

The deal, which was completed in December 2023, represents a significant $500 million transaction and marks Warwick Re’s entry into the reinsurance market.

Specializing in reinsurance solutions for the life insurance, annuity, and pension sectors, Warwick Re aims to leverage its expertise in reinsurance and asset management to support Just Group’s BPA operations.

Chris McGlashan, the CEO and founder of Warwick Re, emphasized the company’s commitment to offering innovative and collateralized structures.

“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,” McGlashan said.

Prashant Mehta, Just Group’s head of reinsurance relationships, also shared insights into the partnership’s significance, revealing that this agreement with Warwick Re not only marks Just’s first engagement with the Bermuda-based reinsurance provider but also represents its third funded reinsurance transaction in the past five years.

“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,” Mehta said. “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.”

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