The world’s third largest asset manager, Fidelity Investments, is entering the US pension risk transfer (PRT) market by setting up a reinsurance arm in Bermuda.
The US PRT market is set for a record-breaking 2023, and the Boston-headquartered fund manager becomes the latest firm to look for opportunities in the sector. Other recent entrants have included Reinsurance Group of America, Global Atlantic and American National.
Fidelity has set-up Soteria Re in Bermuda as a vehicle to enter the US PRT sector but so far there is limited information about the firm with its website simply saying, “coming soon”.
According to his LinkedIn profile, Paolo Fiandesio will be Soteria’s chief risk officer, a role he previously held at fellow Bermuda-based firm Resolution Re.
According to the Bermuda Monetary Authority website, Soteria Re registered as a Class C insurer on June 23 this year, one of five firms to set-up on the island that month.
In a March filing with Bermuda’s Securities and Exchange Commission, Fidelity said that Soteria Re would focus on affiliated reinsurance of US Retail Fixed Annuities and PRT opportunities of existing and new Fidelity Investment Life Insurance Company business.
Fidelity has total assets under management of $4.5trn.