Sun Life Financial and Wilton Re have signed a definitive agreement for a reinsurance and asset management partnership.
Under the agreement, Wilton Re will establish Windsor Life Re, an affiliated reinsurer domiciled in the US and Bermuda, with long-term capital commitments from both parties.
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The partnership is expected to deploy approximately $900m in capital.
Wilton Re will manage Windsor Life Re, which will back the expansion of Wilton Re’s core in-force life and annuity block origination business in the US.
SLC Management, Sun Life’s global institutional alternatives asset manager, has been named lead asset manager for Windsor Life Re’s investments.
Sun Life Asset Management president Tom Murphy said: “Our partnership with Wilton Re enhances our scale and presence in insurance asset management and provides strategic access to permanent capital to accelerate the growth of our global alternatives asset manager, SLC Management.”
Sun Life and Wilton Re will each provide approximately one-third of the total equity capitalisation.
Windsor Life Re will reinsure an initial in-force block of approximately $1.7bn from Wilton Re.
Future business will be ceded by Wilton Re on a quota share basis.
At scale, Windsor Life Re is expected to reach approximately $10bn in assets.
The partnership is scheduled to launch in the first half of 2027, subject to regulatory approvals and customary closing conditions.
Wilton Re CEO Dmitri Ponomarev added: “Windsor Life Re will support Wilton Re’s strategic growth, broadening our capital resources and enhancing our capabilities in the in-force life insurance and annuity market.
“Sun Life is a widely respected global insurer and asset manager with a track record and depth of expertise in investment management for insurance liabilities.”
