Warwick Re Ltd. Announces First Reinsurance Transaction

HAMILTON, Bermuda, Feb. 6, 2024 /PRNewswire/ — Warwick Re Ltd (“Warwick Re”), a Bermuda-based reinsurance company, is pleased to announce the closing of a quota share reinsurance agreement to support Just Group plc (“Just”), a leading UK BPA insurer, for a circa. $500 million transaction completed in December 2023.

This is an inaugural transaction for Warwick Re, a provider of innovative reinsurance solutions to cedants in the life insurance, annuity and pension sectors through both in-force and flow agreements.  “We are delighted to offer our significant reinsurance and asset management capabilities to further support Just’s BPA business” said Chris McGlashan, founder and CEO of Warwick Re.  “Our innovative, collateralized structures address a growing need in the UK BPA market through reinsuring asset and longevity risks at attractive pricing levels to support insurers’ originations.  In addition to UK BPA, we look forward to working with US and European clients in the life insurance, fixed annuity and pension risk transfer markets.”

Just’s Head of Reinsurance Relationships, Prashant Mehta commented: “We are pleased to have successfully reinsured both longevity and asset risk in this funded reinsurance transaction with Warwick Re.  This is Just’s first deal with Warwick Re, and our third funded reinsurance deal over the last five years (2019-23). Over the same period, cumulative ceded liabilities total circa £0.9 billion of funded reinsurance, out of a total defined benefit premium written of £11 billion.  We are delighted to add Warwick Re to our panel of reinsurers, thereby enhancing our reinsurance capabilities and further diversifying our funded and longevity reinsurance partners.”

About Warwick Re

Headquartered in Hamilton, Warwick Re Ltd. (“Warwick Re”) is a registered Class E reinsurer in Bermuda and provides capital-efficient solutions for insurance companies in the UK, US and Europe.  Warwick Re has investment grade ratings, including an Insurer Financial Strength (IFS) rating of “BBB” (Good) with Stable Outlook from Fitch Ratings.

For more information on Warwick Re, visit https://www.warwickre.com.

About Just

Just Group plc (“Just”) is a FTSE-listed specialist UK financial services company and is a leader in defined benefit de-risking, individual retirement income, and care markets. Just has completed over 350 transactions, including more than 80 buy-outs and around 50 repeat transactions across 40 schemes.  Just has secured the benefits of around 80,000 pension scheme members, since the launch of its defined benefit de-risking proposition in 2012.

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