Sony Life Insurance has formed a new life reinsurance company in a joint venture with Aegon's Bermuda operation.

Yesterday's announcement was the second this week of a new life reinsurer for the Island, following news of Overture Re's formation.

SA Reinsurance will be based in Bermuda and will write reinsurance for variable annuity business from Aegon Sony Life, a joint venture launched by the two firms in December 2009.

The new company, will be a 50-50 partnership taking staff from both companies, and has been approved by regulator the Bermuda Monetary Authority. It is reported to be capitalised at $55 million.

The new company's co-managing directors are Katsuki Yoshimoto and Andrew Kanelos.