Assured Guaranty Acquires Warwick Re to Enhance Annuity Reinsurance

Assured Guaranty Ltd. (AGL), a leading insurance holding company, has strategically expanded its footprint in the annuity reinsurance market by acquiring Warwick Re Limited, a Bermuda-based life and annuity reinsurer. This acquisition has led to the rebranding of the business as Assured Life Reinsurance Ltd. (Assured Life Re). The move not only enhances AGL's capacity in reinsuring fixed-term annuities and pension risk transfer annuities but also leverages its robust asset management expertise. In specific scenarios, Assured Life Re benefits from additional support through a guaranty provided by its AA-rated affiliate, Assured Guaranty Re Overseas Ltd., strengthening its reinsurance framework.

The transaction finalized on January 21, 2026, saw AGL acquiring Warwick Re for approximately $158 million, with standard post-closing adjustments. This acquisition includes the operational platform, employees, and Warwick Re's holding company, Warwick Company (UK) Limited, aligning with Assured Life Re's strategic objectives. The focus on U.S. multi-year guaranteed annuities and UK bulk purchase annuities positions Assured Guaranty advantageously, enhancing its growth prospects in the annuity reinsurance industry.

Dominic Frederico, President and CEO of Assured Guaranty, emphasized the company's extensive experience spanning over four decades as a financial guarantor and two decades in the life and annuity insurance sector. Frederico highlighted the impact of their disciplined risk management strategy and structured finance underwriting expertise in securing Assured Life Re's success. Leading this new venture, Dan Bevill, with his background in underwriting and insurance securitizations, is poised to drive the business forward. Insurance Advisory Partners LLC provided exclusive financial advice, with legal counsel by Debevoise & Plimpton LLP and Conyers Dill and Pearman Limited.