Reinsurer PartnerRe has confirmed the successful completion of its acquisition of life reinsurance company Aurigen Capital.
Aurigen is one of the top reinsurers in Canada based on new reinsurance business. In 2016, the company’s gross premiums were at US$126 million, with a gross premium CAGR of 18% over the last five years.
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Following the acquisition, the Aurigen management team and employees will join PartnerRe’s existing life & health segment to form a new business unit dubbed North America Life. This unit will be led by Alan Ryder, who reports to Life & Health CEO Marc Archambault.
“We are very pleased to announce the addition of this well-established franchise and welcome the Aurigen management team and employees to PartnerRe,” said PartnerRe president and CEO Emmanuel Clarke.
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“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,” Clarke added. “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.”
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