JAB Insurance, the global insurance business of JAB Holding Company, has launched JAB Re, a reinsurance and capital solutions business that intends to build a financial advisory and wealth management business, led by Ed Sunoo within JAB Institutional.
JAB Re is the flagship reinsurance and capital solutions business of JAB Institutional, offering customised solutions through its Bermuda and US legal entities, backed by JAB Insurance.
JAB Institutional is a “next-generation” growth and innovation platform focused on insurance, reinsurance, and financial services, led by Ramnath Balasubramanian as Chief Executive.
In his new role, Sunoo will lead the firm’s internal and external reinsurance business. He is an industry veteran with over three decades of experience, who most recently served at Munich Re for a decade. There, he founded the reinsurer’s US structured reinsurance business and was responsible for origination, structuring, and execution of deals, as well as in-force and client management.
In the past, Sunoo spent 20 years at leading investment banks and has extensive experience with life insurance company asset-liability management, capital and liquidity management, and reinsurance. He founded Deutsche Bank’s US Insurance Solutions team in 2003, closing several innovative transactions with US life insurance companies.
Sunoo commented, “Insurers and reinsurers today are looking for creative, well-capitalised, long-term partners who can provide reinsurance solutions for their risk and capital needs – that’s the gap JAB Re is built to address. We already have a strong business and balance sheet to build on as well as a clear plan to scale over time. I’m looking forward to working with our team and partners in Bermuda and the U.S., and to extending that proven model into new markets, as we build JAB Re into one of the industry’s most trusted names.”
Now, JAB Insurance comprises three verticals: a client-focused US retail platform, an institutional business initially focusing on global reinsurance, and a pension risk solutions platform.
Balasubramanian is a former McKinsey & Company Senior Partner who co-led its global Life Insurance and Retirement practice, and brings over two decades of experience in insurance M&A, enterprise and capital strategy, and growth acceleration across North America, Europe, and Asia.
Balasubramanian added, “I am excited to join JAB Insurance for the unique combination of permanent capital, a long-term value-creation mindset, and deep expertise in insurance and financial services. This gives us a differentiated platform to build and scale an enduring business. I’m looking forward to working closely with Anant, Ed, and the broader team to build JAB Re and our emerging financial advisory business into offerings that deliver lasting value for the individuals and institutions we serve.”
Anant Bhalla, Executive Chairman, JAB Insurance, said, “Over the past two years, we have built JAB Insurance into an at-scale U.S. life and retirement player with our individual client-focused platform, Prosperity Life Group, and expansion into the U.K. pension market with the expected closing of the Utmost Life & Pensions transaction later this year. The natural next step for further expansion is putting our permanent capital to work as an institutional partner – starting with reinsurance and, over time, extending into financial advisory and wealth management.”
He continued, “Ramnath and Ed each bring the judgment, networks, and hands-on experience to turn that ambition into reality. I have watched them build and lead in this industry for years, and I am confident there is no better team to do it with. We are delighted to welcome them to the JAB Insurance family and look forward to partnering with them to build JAB Institutional into a successful franchise.”
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