Bermuda-based InEvo Re, a reinsurer established by Macquarie Asset Management, has entered into an agreement with a leading UK insurer to reinsure their PRT liabilities, including both pensions in payment and deferred pensioners.
“The insurance sector is a strategic priority for Macquarie Asset Management. InEvo Re strengthens our ability to provide solutions for insurance clients looking to service the ever-growing need for retirement products,” said Ben Way, Group Head of Macquarie Asset Management.
“Today’s announcement represents an important milestone for InEvo Re and is the result of significant investment by Macquarie Asset Management to build a world-class team and operational platform.”
“We look forward to supporting our client in growing their UK PRT business and delivering security to policyholders,” added Mike White, CEO of InEvo Re.
“We believe our team’s quality, strong risk culture, and strategic partnership with Macquarie Asset Management represent a compelling proposition for insurers globally and are excited to see a strong pipeline of opportunities and positive engagement from prospective clients.”
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates acted as legal advisor to InEvo Re.