Bermuda life reinsurer Aurigen seeks IPO

Aurigen Capital, the Bermuda-based insurance holding company with a focus on the reinsurance of life insurance policies, is looking to complete an initial public offering (IPO) in Canada.

Formed in 2007 with a capital facility in excess of $500 million, Aurigen provides risk and capital management solutions with a focus on the reinsurance of life insurance policies in the US.

Having initially focused on the Canada market, last year the company completed the acquisition of Brokers National Life Assurance Company from Ameritas Life Insurance and renamed it Aurigen Reinsurance Company of America.

The group now has an in-force life reinsurance portfolio of approximately $36 billion and consolidated assets in excess of $400 million. Each of Aurigen's operating life reinsurance companies has a financial strength rating of A- from AM Best.

It said at the time that it was aiming to become a valued North American life reinsurer with a long-term goal of becoming a prominent, international life reinsurance group.

The company has now filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories in Canada in connection with a proposed IPO of its common shares.

The proposed offering is being made through a syndicate of underwriters led by RBC Capital Markets, Canaccord Genuity Corp and TD Securities.