Talcott launches $1bn West Grove Re with Goldman Sachs
The vehicle takes a quota share of certain Talcott-sourced US annuities, sharing premiums and losses on that business.
The vehicle takes a quota share of certain Talcott-sourced US annuities, sharing premiums and losses on that business.
The deal covers roughly $5.8bn of in-force guaranteed universal life statutory reserves plus about $500m of funding agreement business.
Longevity Stream brings a structure normally used in large transactions to schemes with less than £1bn of liabilities.
The Hong Kong cedents will continue to service and administer the reinsured policies.
Prismic has now raised more than US$3.3bn in capital across all closes.
About 15% of new bulk annuity business has recently been ceded via funded reinsurance.
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