Assured Guaranty has acquired Bermuda-based life and annuity reinsurer Warwick Re Limited, marking the company's entry into the annuity reinsurance sector.
The transaction closed on January 21, 2026, with a purchase price of approximately US$158 million, subject to post-closing adjustments.
The acquired entity has been renamed Assured Life Reinsurance Ltd. The acquisition included Warwick Re's balance sheet, infrastructure, and staff, as well as its ultimate parent company, Warwick Company (UK) Limited, and related subsidiaries.
Assured Life Re will focus on reinsuring fixed-term annuities and pension risk transfer annuities. The company plans to leverage Assured Guaranty's existing life reinsurance expertise and asset management capabilities to support this business line.
Under the new structure, certain reinsurance obligations to ceding life and annuity insurers will be covered by a guaranty issued by Assured Guaranty Re Overseas Ltd., an AA-rated affiliate. The company described this arrangement as a differentiating feature in the life and annuity reinsurance market.
Warwick Re had specialized in annuity reinsurance products, including US multi-year guaranteed annuities and UK bulk purchase annuities, also known as pension risk transfers. Assured Life Re plans to continue reinsuring these product lines.
The move also comes amid record demand in the US annuity market. LIMRA reported that total annuity sales reached US$119.5 billion in the second quarter of 2025, up 8% year over year. For the first nine months of 2025, sales totaled US$347 billion, a 4% increase over the prior year.
Dominic Frederico (pictured above), president and CEO of Assured Guaranty, said the company's background supports its move into this segment. "Assured Guaranty has over 40 years of experience as a financial guarantor and more than 20 years serving the life and annuity insurance sector," Frederico said.
Dan Bevill has been appointed president of Assured Life Re. Bevill has been with Assured Guaranty for over 20 years, serving as a structured finance underwriter and originator of the company's insured exposure to insurance securitizations.
Insurance Advisory Partners LLC acted as exclusive financial advisor on the transaction. Debevoise & Plimpton LLP and Conyers Dill and Pearman Limited served as legal counsel.
