Reinsurance Group of America, Inc. ("RGA") and RenaissanceRe Holdings Ltd. have launched Langhorne Re, a global reinsurer targeting large in-force life and annuity blocks.
To date, the companies said in a statement, Langhorne Re has secured $780 million of equity capital commitments including investments from RGA and RenaissanceRe.
"We are very pleased to announce the launch of Langhorne Re with our strategic partner, RenaissanceRe," said Scott Cochran, executive vice president of corporate development and acquisitions at 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."
"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," said Aditya K. Dutt, president of Renaissance Underwriting Managers, Ltd. "As a result, we expect both clients and policyholders will benefit from our long-term approach and track record of capital stewardship."
Barclays acted as financial advisor and Sidley Austin LLP as legal advisor for Langhorne Re.