UK pension risk transfer (PRT) firm Just Group has offloaded $500m of longevity and asset risk to Bermuda-based reinsurer Warwick Re as part of a quota share deal.
It is the third funded reinsurance deal by Just Group since 2019 and the inaugural transaction for Warwick Re, which received its first issuer rating (BBB – Fitch) in December 2023.
In a press release announcing the move, Warwick Re CEO and founder Chris McGlashan said the firm was also looking to strike deals in Europe and the US as well as the UK.
Just Group has been an active player in the UK PRT market. It struck a $502m deal with a tech firm at the start of February this year.
In total, Just Group has completed over 350 transactions since it launched in 2012, including more than 80 buy-outs covering the benefits of around 80,000 pension scheme members, with a total premium value of £11bn.