Langhorne Re, the joint-venture, third-party capital backed life and annuity reinsurance firm launched by Renaissance Re (RenRe) and Reinsurance Group of America (RGA), has appointed Steve Zonca to lead its U.S. subsidiary businesses.
Langhorne Re was launched at the start of this year as the first foray into life and annuity reinsurance by specialist third-party reinsurance capital manager and reinsurer RenRe, alongside RGA, as a way to augment capacity for large in-force block transactions backed by the capital markets.
Steve Zonca was already at RGA, having been a Senior Vice President in the firms Financial Solutions business. In his new role as Chief Executive Officer of Langhorne Re’s United States operating subsidiaries Zonca will take on responsibility for Langhorne Re’s U.S. subsidiaries operations and strategy.
Zonca has 35 years of industry experience, with over 20 years of senior management experience gained in the pricing, product development, valuation, and financial reporting of most life, annuity, and health products.
In his previous role at RGA, Zonca was responsible for pricing, structuring, evaluation, and risk management of all transactions generated by the business line at the life-focused reinsurance firm.
Before RGA, Zonca has been a vice president at CalFarm Life Insurance Company and held roles at Certus Financial and Amex Life Insurance Company.
Earlier in 218 Langhorne Re acquired Arizona-domiciled insurer Zale Life Insurance Company which is licensed for business in 47 states and the District of Columbia. With this acquisition Langhorne Re aimed to strengthen its ability to pursue large in-force life and annuity blocks in the U.S. market, while providing its clients with long-term capital management solutions.
Langhorne Re is funded through capital commitments from RGA and RenaissanceRe, as well as other third-party pension fund and life insurance companies, hence is an interesting vehicle for institutional pension investors seeking to access a life-focused insurance-linked investment return.