Reinsurance company PartnerRe has completed its takeover of North American life reinsurance firm Aurigen Capital in a $286 million deal.

PartnerRe, first announced the acquisition last year.

PartnerRe chief executive officer Emmanuel Clarke said: “We are very pleased to announce the addition of this well-established franchise and welcome the Aurigen management team and employees to PartnerRe.”

Mr Clarke added: “This acquisition is consistent with PartnerRe’s strategy to grow our life and health business and expands our life reinsurance footprint in North America with minimal overlap in market coverage.

“The partnership enables us to provide a wider range of life reinsurance solutions to both existing and future clients who will benefit from Aurigen’s technical expertise, longstanding relationships and local knowledge supported by PartnerRe’s strong balance sheet, excellent ratings and global franchise.”

The Aurigen management team and employees will join PartnerRe’s existing Life and Health segment as a newly formed business unit called North America Life.

It will be led by Alan Ryder, reporting to Marc Archambault, CEO of life & health.

Aurigen, set up in 2007, has provided risk and capital management solutions tailored to specific customer needs, with its core business being the reinsurance of life insurance policies of North American residents.

The company has also provided mortality risk solutions in the US since 2013.

Aurigen is a top-five life reinsurer in Canada based on recurring new reinsurance business.

Gross premiums in 2016 were $126 million.