Swiss Re, headquartered in Zurich and operating in more than 70 locations globally, becomes the latest reinsurer to support Olé Life's operations. The arrangement is intended to bolster Olé Life's financial structure and align with its expansion strategy across Latin America.
According to Olé Life, the partnership is part of a broader initiative to redefine how families in Latin America access life insurance. The company was founded in 2022 and operates as a fully digital life insurance platform.
Olé Life provides US dollar-denominated term life insurance in over 30 countries across Latin America. It uses artificial intelligence to streamline underwriting and customer onboarding processes, aiming to reduce friction in acquiring coverage.
Earlier this year, Olé Life raised US$13 million in Series B funding. The round was led by PayPal Ventures and included backing from Mundi Ventures, AV8, and Advent-Morro. The company said the funding would support its efforts to scale operations, enhance product development, and enter new markets across Latin America.
Swiss Re, meanwhile, has been active in Latin America for over a century, with a presence in key markets such as Mexico and Brazil. The company provides both property and casualty and life and health reinsurance services across the region.
Broader trends in the Latin American insurance sector also set the context for the partnership. Swiss Re projects that total insurance premiums in the region will grow by 3.8% in real terms in 2025, down from an estimated 7.6% in 2024. Life insurance products with savings components have seen increased demand amid higher interest rates.
Olé Insurance Group CEO Michael Carricarte (pictured above) described the reinsurance agreement as a move that enhances the company's ability to deliver insurance solutions in the region.
“This alliance strengthens our financial foundation and reinforces our mission to transform how Latin American families are protected: by making life insurance simple, transparent, and accessible, providing families the security to build a better future,” he said in a LinkedIn post.
Swiss Re is one of the world’s largest reinsurance companies based on GPW. Read more here.
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