New life & annuity reinsurer AeCe Isa established in Bermuda

New life & annuity reinsurer AeCe Isa established in Bermuda | Insurance Business Australia

Reinsurance

New life & annuity reinsurer AeCe Isa established in Bermuda

Venture will focus on single-premium deferred annuities

Reinsurance

By
Kenneth Araullo

Agam Capital has partnered with 26North Reinsurance Holdings (26N Re) to establish AeCe ISA, Ltd (AeCe), a new Bermuda-domiciled Class E life and annuity reinsurer.

AeCe will focus on reinsuring single-premium deferred annuities issued by National Life Group’s Life Insurance Company of the Southwest, with National Life Group also being a minority owner in AeCe.

The initiative taps into Agam’s proprietary pALM analytical platform and its Bermuda capabilities, supporting 26North in carving out a niche within the rapidly expanding market for life and retirement reinsurance solutions in Bermuda.

As part of the initiative, AeCe will utilize Agam’s Bermuda ISAC structure, which provides operational, management, and governance services to reinsurers based in Bermuda.

In addition to the formation of AeCe, Agam and the new reinsurer have formalized a long-term Management Services Agreement (MSA). Under the agreement, Agam will apply its asset and liability management along with enterprise risk management expertise to foster AeCe’s growth.

Chak Raghunathan and Avi Katz, co-founders of Agam, expressed their enthusiasm about the venture.

“We are thrilled to be supporting the talented National Life Group and 26North teams as they launch, develop and grow their new reinsurance platform,” they said.

Josh Harris, founder of 26North, also commented on the benefits of the collaboration.

“This transaction illustrates how 26N Re’s strategic partnership with Agam continues to yield positive results as we scale our reinsurance business and diversify our platform,” Harris said. “Agam’s innovative, analytics-driven platform aligns with our vision for building a next-generation firm. We are pleased to deepen our partnership with Agam through the launch of AeCe, and together deliver attractive solutions to our insurance partners and ultimately, policyholders.”

Mehran Assadi, Chairman, CEO, and president of National Life Group, highlighted the strategic importance of the arrangement.

“We expect this strategic arrangement to allow us to continue to grow with purpose. Our focus on serving Middle America, the most underserved segment of the market, will be enhanced by the added capacity AeCe provides,” Assadi said.

What are your thoughts on this story? Please feel free to share your comments below.