The collaboration is expected to extend beyond Workers’ Compensation, providing proactive risk evaluation benefits to clients in other areas such as property. Credit: H_Ko via Shutterstock.com.

Reinsurance partner 26North Reinsurance Holdings has completed a reinsurance deal worth $4.9bn with Life Insurance Company of the Southwest (LSW), a part of national Life Group.

National Life has a long history of services in Middle America; the deal between them and 26North brings its total assets under management to $22bn.

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In addition, 26North will reinsure a seasoned and diversified lock of LSW’s multi-year guarantee and fixed index annuity products.

“This transaction will significantly scale our reinsurance business and continue to diversify 26North’s platform. We believe that our culture of prudent risk management and strong governance allows 26N Re to partner with the highest-quality cedants who are looking to leverage our long-term capital and asset management expertise,” said Josh Harris, Founder of 26North.

“The strategic transaction with NLG further advances 26N Re’s position as a reinsurer of choice in the annuity marketplace and solidifies its reputation as a leader in block reinsurance and forward flow transactions,” continued Cole Charnas, partner at 26North.

“National Life has been keeping its promises to policyholders for 175 years,” added Mehran Assadi, chairman, CEO and president of National Life Group.

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“This strategic partnership with 26North will expand our opportunity to serve Middle America for our next 175 years.”

26North was advised by and partnered with Agam capital on the purchase, while Kirkland & Ellis served as the legal adviser.

Rothschild & Co served as financial advisor and Sidney Austin as legal adviser.

Also today, Triple P Capital, leading a consortium of global investors, has acquired an 85% stake in Philippines-based MAAGAP from MAA Group.

Financial details related to the deal were not shared. 

This move is aimed at enhancing non-life insurance coverage for small businesses and vulnerable households in the Philippines.