The Talcott Financial Group has launched Bermuda-domiciled reinsurance sidecar West Grove Re with Goldman Sachs after the vehicle closed a capital raise of approximately $1bn.
The funding includes equity commitments from Talcott and Goldman Sachs Asset & Wealth Management (AWM) and its clients, alongside a credit facility.
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According to Talcott, West Grove Re was set up to support accelerated growth across its insurance and reinsurance platform, enabled by Sixth Street and Talcott’s open architecture asset management model and partnership approach.
The sidecar will take part in a quota share of certain Talcott-sourced US annuities.
Talcott said the structure is designed to strengthen its capacity to deliver scalable, capital-efficient solutions across a range of liabilities.
The group will also provide West Grove Re with support services covering actuarial, finance, compliance and risk.
Talcott CEO Imran Siddiqui said: “Establishing West Grove Re is another important step in Talcott’s growth strategy, broadening our access to liabilities with varied costs of capital, while staying true to the strength of our platform as we continue to scale.
“By pairing our deep insurance expertise with Goldman’s access to client capital and private asset origination franchise, we are enhancing our ability to support the evolving needs of our partners and the broader insurance market.”
Goldman Sachs AWM will be a strategic partner to West Grove Re and act as investment manager for private asset strategies.
The remainder of the sidecar’s assets are expected to be managed by other third-party investment managers.
Talcott Financial Group had $134bn in assets under management as of 31 March 2026.
The company has offices in Bermuda, the Cayman Islands, Connecticut, New York and North Carolina.
Goldman Sachs Alternatives Private Credit global co-head Vivek Bantwal added: “We are excited to invest alongside Talcott and our clients in this solution for the insurance marketplace. Our private credit business will bring a rigorous credit selection process, access to a deep sourcing and origination funnel through our investment bank, and our expertise in markets and risk management to this partnership.”
In December, MetLife concluded a $10bn variable annuity risk transfer transaction with Talcott Resolution Life Insurance Company, an annuities and life insurance subsidiary of Talcott Financial Group.
