Bermudian-based Warwick Re Ltd has closed its first reinsurance transaction.

The long-term Class E licence holder closed a quota share reinsurance agreement to support Just Group plc, a leading UK bulk purchase annuities insurer, for a near $500 million transaction completed in December 2023.

Warwick Re said it was a provider of innovative reinsurance solutions to cedants in the life insurance, annuity and pension sectors through both in-force and flow agreements.

"We are delighted to offer our significant reinsurance and asset management capabilities to further support Just's BPA business," said Chris McGlashan, founder and chief executive of Warwick Re.

"Our innovative, collateralised structures address a growing need in the UK BPA market through reinsuring asset and longevity risks at attractive pricing levels to support insurers' originations.

“In addition to UK BPA, we look forward to working with US and European clients in the life insurance, fixed annuity and pension risk transfer markets."

Prashant Mehta, Just's head of Reinsurance Relationships, said: "We are pleased to have successfully reinsured both longevity and asset risk in this funded reinsurance transaction with Warwick Re.

“This is Just's first deal with Warwick Re and our third funded reinsurance deal over the last five years (2019-23).

“Over the same period, cumulative ceded liabilities total circa £900,000 (approximately $1.14 billion) of funded reinsurance, out of a total defined benefit premium written of £11 billion (approximately $13.9 billion).

“We are delighted to add Warwick Re to our panel of reinsurers, thereby enhancing our reinsurance capabilities and further diversifying our funded and longevity reinsurance partners."