Constellation Re, a provider of M&A and reinsurance solutions and member of the Constellation family of businesses, has revealed the completion of the first reinsurance transaction for Constellation Re Bermuda, Ltd., its Bermuda-domiciled licensed reinsurer, which has also been assigned an insurer financial strength rating of ‘A’ by Fitch Ratings.
Constellation Re Bermuda was incorporated in November 2024, and subsequently registered as a licensed Class C insurer by the Bermuda Monetary Authority in December 2024.
The firm operates as the Bermuda-domiciled reinsurance arm and core entity of Constellation Insurance, and was capitalised with $250 million in common equity by AuguStar Life Insurance Company, part of the Constellation family of businesses.
This inaugural, strategic intercompany reinsurance transaction involves term and universal insurance/" style="color:#c0392b;font-weight:700;text-decoration:underline;" class="hta-topic-link">life insurance and disability income products, and serves to expand Constellation Re’s reinsurance capabilities and operational footprint in Bermuda, a global hub for reinsurance.
Alongside the transaction, Fitch Ratings has assigned an insurer financial strength rating of ‘A’ to the Bermuda reinsurer, noting its role as a core entity within the wider Constellation group.
Constellation Re explains that the Bermuda arm provides it with a valuable platform via which it can leverage its operational infrastructure, strong capital position, and ratings to provide strategic reinsurance solutions to cedents across geographies and regulatory jurisdictions.
Scott Shepherd, president and CEO of Constellation Re, commented: “The completion of CRBL’s inaugural transaction and the assignment of an ‘A’ rating from Fitch mark important milestones in the continued growth of our reinsurance business.
“The Bermuda platform expands our capabilities and strengthens our ability to help clients manage risk and capital efficiently across diverse geographies and regulatory environments.”
