Macquarie Asset Management, following the recent introduction of its specialist reinsurer InEvo Re, has announced its initial transaction with a UK-based insurer to reinsure their Pension Risk Transfer (PRT) liabilities. This move includes innovative measures designed to meet the UK insurers' risk management and regulatory requirements.
Describing the transaction, Ben Way, Group Head of Macquarie Asset Management, stated, "The insurance sector is a strategic priority for Macquarie Asset Management. InEvo Re strengthens our ability to provide solutions for insurance clients looking to service the ever-growing need for retirement products. Today’s announcement represents an important milestone for InEvo Re and is the result of significant investment by Macquarie Asset Management to build a world-class team and operational platform."
InEvo Re, based in Bermuda, aims to offer capital and risk solutions to life insurers with a team skilled in underwriting, asset liability management, investment, and capital management, boasting over 20 years of experience with global insurers and reinsurers. Macquarie Asset Management's global platform and expertise support the reinsurer.
InEvo Re's CEO, Mike White, commented, “We look forward to supporting our client in growing their UK PRT business and delivering security to policyholders. We believe our team’s quality, strong risk culture, and strategic partnership with Macquarie Asset Management represent a compelling proposition for insurers globally and are excited to see a strong pipeline of opportunities and positive engagement from prospective clients.”
The law firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates served as legal advisor to InEvo Re.
Macquarie Asset Management clarifies that apart from Macquarie Bank Limited, entities mentioned within the announcement are not authorized deposit-taking institutions under Australian Banking regulations. They do not represent any liability of Macquarie Bank, which also does not assure obligations associated with investments covered in the disclosure. The information shared is intended for general purposes and does not constitute financial advice or service offers.