- Following Macquarie Asset Management's recent launch of InEvo Re, the specialist reinsurer enters its first transaction with a UK insurer
- Builds upon Macquarie Asset Management's long-standing commitment to supporting the UK economy and helping meet the growing demands of the retirement sector
- The innovative transaction includes several "market firsts" tailored to the risk management and regulatory requirements of UK insurers
Macquarie Asset Management today announced that InEvo Re, a reinsurer established by Macquarie Asset Management, has entered into an agreement with a leading UK insurer to reinsure their PRT liabilities, including both pensions in payment and deferred pensioners.
"The insurance sector is a strategic priority for Macquarie Asset Management. InEvo Re strengthens our ability to provide solutions for insurance clients looking to service the ever-growing need for retirement products," said Ben Way, Group Head of Macquarie Asset Management. "Today's announcement represents an important milestone for InEvo Re and is the result of significant investment by Macquarie Asset Management to build a world-class team and operational platform."
Based in Bermuda, InEvo Re seeks to deliver innovative capital and risk solutions to life insurers. InEvo Re is led by a team with expertise in underwriting insurance and pension liabilities, asset liability management, investment and capital management. The executive team brings top-tier expertise with an average tenure of over 20 years across global insurers and reinsurers. InEvo Re is supported through access to Macquarie Asset Management's leading insurance asset management capabilities, global platform and expertise.
"We look forward to supporting our client in growing their UK PRT business and delivering security to policyholders," said Mike White, CEO of InEvo Re. "We believe our team's quality, strong risk culture, and strategic partnership with Macquarie Asset Management represent a compelling proposition for insurers globally and are excited to see a strong pipeline of opportunities and positive engagement from prospective clients."
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates acted as legal advisor to InEvo Re.
About InEvo Re
InEvo Re is a Bermuda-based reinsurer that seeks to deliver innovative capital and risk solutions to life insurers globally. InEvo Re is supported in this goal through access to depth of resources and expertise through a strategic partnership with Macquarie Asset Management, a leading insurance asset manager.
InEvo Re's highly experienced team invests in understanding our partners' business objectives and applies disciplined investment and risk management to deliver economic benefits with a high level of security.
All figures as at 30 September 2024.
Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.
