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Allianz launches Bermudian life reinsurer, Sconset Re

Written by Adam Cadle
12/12/2024

Allianz has established a new independent strategic reinsurance platform called Sconset Re, which will be capitalised through equity investments from institutional partners.

Based in Bermuda, Sconset Re will specialise in assuming fixed indexed annuity product risk and its asset management.

The new platform will reinsure a $4bn block of annuity liabilities and will enter into a forward flow agreement for $5-10bn of new business. PIMCO will manage most of the investment portfolio.

Deutsche Bank acted as the sole financial adviser to Allianz on the transaction, and also acted as the sole arranger of a debt financing facility to Sconset Re.

“This transaction is representative of the opportunity that Allianz sees with its life and asset management business in the US, Deutsche Bank said.


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