Life reinsurance
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The life segment has shifted from its genesis in mortality and morbidity risk transfer as lapsed risk deals have proliferated. -
The Zurich-based ILS manager has entered a partnership with the new life ILS firm set up by former Securis CUO Paul Whiting.
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The issuance is a similar size to that of 2021 and significantly larger than that of 2020.
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The target price and size are broadly flat with last year’s deal, although it is hoping to make some savings on the lower-risk layer.
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The mortality cat bond will again include Covid-19 cover, as was the case with the debut issuance last year.
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The Berkshire Hathaway-owned carrier is looking to make “major contributions” to the region.
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The injection leaves US private equity firm Golden Gate Capital as a controlling shareholder.
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The deal will be one of only two standalone mortality bonds on risk when it completes
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Some fund managers were negative on the deal, given the continuing uncertainty caused by the Covid-19 pandemic.
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The La Vie Re deal is the first standalone extreme mortality bond since the start of the Covid-19 pandemic and includes coverage for the disease.
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The ILS manager is discussing public solutions and expects demand to emerge.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
