Insurance coverage firm World Atlantic Monetary Group has closed its $10bn reinsurance cope with Manulife.
Beforehand introduced in December, the transaction reinsures a seasoned and diversified block of Manulife’s life annuity and long-term care insurance coverage enterprise that started within the US and Japan.
As well as, that is the third block transaction World Atlantic has executed with Manulife and can also be World Atlantic’s first block reinsurance transaction in Japan.
Moreover, World Atlantic additionally closed on the retrocession of 100% of the long-term care insurance coverage dangers to a extremely rated third-party world reinsurance associate.
With this deal, the agency advances as a reinsurer of selection within the life insurance coverage market, each within the US and the world over.
The corporate has established a 20-year observe document, efficiently finishing greater than 40 transactions with almost 30 shoppers and reinsuring greater than $140bn of property since inception.
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By GlobalData
US personal fairness firm KKR accomplished the acquisition of the remaining 37% stake in insurance coverage firm World Atlantic in January 2024.
Introduced in November 2023, the all-cash $2.7bn deal takes KKR’s possession within the insurer to 100%.
World Atlantic caters to the retirement and life insurance coverage necessities of each people and establishments.
KKR initially acquired a majority stake in World Atlantic in 2021 and has since managed its property.
Regardless of the change in possession, World Atlantic will retain its present administration workforce and proceed to function below the identical model title.
