Bermuda-based Warwick Re has efficiently finalized a quota share reinsurance settlement with Simply Group plc, a UK-based bulk buy annuity (BPA) insurer.

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

Specializing in reinsurance options for the life insurance coverage, annuity, and pension sectors, Warwick Re goals to leverage its experience in reinsurance and asset administration to help Simply Group’s BPA operations.

Chris McGlashan, the CEO and founding father of Warwick Re, emphasised the corporate’s dedication to providing modern and collateralized buildings.

“Along with UK BPA, we stay up for working with US and European purchasers within the life insurance coverage, fastened annuity and pension danger switch markets,” McGlashan stated.

Prashant Mehta, Simply Group’s head of reinsurance relationships, additionally shared insights into the partnership’s significance, revealing that this settlement with Warwick Re not solely marks Simply’s first engagement with the Bermuda-based reinsurance supplier but additionally represents its third funded reinsurance transaction up to now 5 years.

“Over the identical interval, cumulative ceded liabilities complete circa £0.9 billion of funded reinsurance, out of a complete outlined profit premium written of £11 billion,” Mehta stated. “We’re delighted so as to add Warwick Re to our panel of reinsurers, thereby enhancing our reinsurance capabilities and additional diversifying our funded and longevity reinsurance companions.”

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