Assured Guaranty Ltd. has made a significant move by entering the annuity reinsurance market through the acquisition of Warwick Re Limited, a Bermuda-based life and annuity reinsurer. The acquisition, which closed on January 21, 2026, saw Assured Guaranty renaming the acquired entity as Assured Life Reinsurance Ltd. (Assured Life Re).
The purchase price for the acquisition was approximately $158 million, subject to post-closing adjustments. Warwick Re specialized in annuity reinsurance, including U.S. multi-year guaranteed annuities (MYGA) and U.K. bulk purchase annuities (pension risk transfers, PRT), which are products Assured Life Re currently plans to reinsure.
This move provides Assured Guaranty with an immediate platform for growth in the annuity reinsurance market, leveraging the company's established expertise in life reinsurance and its asset management capabilities.
Assured Life Re will focus on reinsuring fixed-term annuities and pension risk transfer annuities, with certain of its reinsurance exposure being covered by a guaranty issued by Assured Guaranty Re Overseas Ltd., its AA-rated affiliate.
It is also worth noting that Dan Bevill, who has been with Assured Guaranty for over 20 years, will serve as president of Assured Life Re. He brings extensive expertise as a structured finance underwriter and the primary originator of the company's insured exposure to insurance securitizations, including life insurance capital management transactions.
The market has reacted to these announcements by moving the company's shares -0.64% to a price of $85.01. For the full picture, make sure to review ASSURED GUARANTY's 8-K report.
