Insurance holding company Assured Guaranty Ltd. (AGL) and its subsidiaries operating as Assured Guaranty announced that it has entered the annuity reinsurance market through the acquisition of Bermuda-registered life and annuity reinsurer Warwick Re Limited (Warwick Re). Following the completion of the transaction, the company has renamed its business Assured Life Reinsurance Ltd. (Assured Life Re).
Assured Life Re will draw on Assured Guaranty’s long experience in life reinsurance and its asset management capabilities to reinsure term annuities and pension risk transfer annuities.
For certain risks assumed, Assured Life Re expects that its obligations to ceding insurance companies will be guaranteed by Assured Guaranty Re Overseas Ltd., an AA-rated subsidiary of Assured Guaranty. This approach provides unique structural features in the life and annuity reinsurance markets.
The transaction closed on January 21, 2026 and was executed through AGL’s holding company subsidiary. The acquisition includes Warwick Re’s balance sheet, operating platform and employees, as well as its ultimate parent company, Warwick Company (UK) Limited (Warwick Holdings) and affiliated subsidiaries of Warwick Holdings. Total consideration is approximately $158 million, subject to standard post-closing adjustments.
Prior to the acquisition, Warwick Re focused on annuity reinsurance solutions, including US multi-year guaranteed annuities (MYGA) and UK bulk purchase annuities, commonly known as Pension Risk Transfer (PRT) transactions. These product lines are consistent with Assured Life Re’s program activities and provide Assured Guaranty with a proven operating foundation to support growth in the annuity reinsurance industry.
“Assured Guaranty has more than 40 years of experience as a financial guarantor and more than 20 years of experience serving the life and annuity insurance industry,” said Dominic Frederico, president and chief executive officer of Assured Guaranty. “Our deep understanding of the life and annuity reinsurance landscape, combined with our disciplined risk management approach and other core capabilities, positions Assured Life Re to successfully participate in the annuity reinsurance market.”
“We are also pleased to announce that Dan Bevill will serve as President of Assured Life Re,” added Frederico. “Dan has been with Assured Guaranty for more than 20 years and brings extensive expertise as a structured finance underwriter and the lead originator of our insurance business in insurance securitizations, including life insurance capital management transactions. Given his long tenure and proven track record, we are confident in his ability to lead this new line of business.”
Insurance Advisory Partners LLC served as Assured Guaranty’s exclusive financial advisor in connection with the acquisition. Legal counsel was provided by Debevoise & Plimpton LLP and Conyers Dill and Pearman Limited.
