RGA and RenRe partner to launch new life reinsurer
Life reinsurer Reinsurance Group of America (RGA) and RenaissanceRe have partnered to launch a new global reinsurer targeting large in-force life and annuity blocks of business.
Langhorne Re has secured $780 million of equity capital commitments including investments from RGA and RenaissanceRe. The companies said the new launch will combine a strong long-term capital base with underwriting and third-party capital management support from RGA and RenaissanceRe to purchase large in-force life and annuity blocks, allowing clients to de-risk and optimize their capital management.
"We are very pleased to announce the launch of Langhorne Re with our strategic partner, RenaissanceRe," said Scott Cochran, executive vice president, corporate development and acquisitions, RGA.
"Powered by the complementary and industry-leading capabilities of RGA and RenaissanceRe, Langhorne Re is uniquely positioned to provide competitive and flexible solutions that expand RGA's existing client offerings."
Aditya Dutt, president, Renaissance Underwriting Managers, added: "RenaissanceRe's experience with managing third party capital and sophisticated risk management combined with RGA's experience in the life market make this a very attractive partnership. As a result, we expect both clients and policyholders will benefit from our long-term approach and track record of capital stewardship."
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