PartnerRe completes Aurigen acquisition
Bermuda-based PartnerRe has completed the acquisition of North American life reinsurance company Aurigen Capital, according to a statement.
PartnerRe first announced the C$375 million ($286 million) deal in October 2016. The move is part of the reinsurer’s strategy to boost its life and health footprint.
The management team and employees of Aurigen will join PartnerRe's existing life and health segment as a newly-formed business unit called North America Life, which will be led by Alan Ryder, reporting to CEO of life and health Marc Archambault.
Formed in 2007, Aurigen is a Canada-based reinsurer providing mortality risk solutions in the US since 2013. Aurigen posted gross premiums written of $126 million in 2016, and has delivered a gross premium compound annual growth rate of 18 percent over the last five years.
PartnerRe president and CEO Emmanuel Clarke said: "This acquisition is consistent with PartnerRe’s strategy to grow our life and health business and expands our life reinsurance footprint in North America with minimal overlap in market coverage. The partnership enables us to provide a wider range of life reinsurance solutions to both existing and future clients who will benefit from Aurigen’s technical expertise, longstanding relationships and local knowledge supported by PartnerRe’s strong balance sheet, excellent ratings and global franchise."
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