Langhorne Re, the joint-venture, third-party capital backed life and annuity reinsurance firm launched by RenaissanceRe (RenRe) and Reinsurance Group of America (RGA), has announced the hiring and appointment of a new Chief Actuary.
The high-profile appointment is of Timothy Gasaatura, who becomes the Chief Actuary of Langhorne Re Bermuda.
Gasaatura has been hired from AIG in Bermuda, where he worked for the companies Fortitude Re, a run-off reinsurer venture that AIG launched in collaboration with global alternative asset manager The Carlyle Group.
Gasaatura was the Chief Risk Officer of AIG Bermuda and Fortitude Re, where he had responsibility for the management of risk on an enterprise-wide basis.
This included the integration of risk concepts into strategic planning at the reinsurer, as well as risk identification and mitigation activities.
Before he joined AIG in Bermuda and Fortitude Re, Gasaatura worked as a Senior Actuary and Risk Officer at Transamerica in Bermuda.
Prior to that, he held a Senior Consultant role with Deloitte in Hartford, Connecticut, advising clients on product development, valuation, risk and capital management.
Langhorne Re is capitalised with funding commitments from founders RGA and RenaissanceRe, as well as other third-party pension fund investors and life insurance companies.
It was launched at the start of 2018 and represented the first foray into life and annuity reinsurance by specialist third-party reinsurance capital manager and reinsurer RenaissanceRe, working with RGA as its partner in the joint-venture.
The strategy seeks to augment capacity for large in-force block life reinsurance transactions with the backing of the capital markets.
As we explained before, it will take time for Langhorne Re to achieve the scale its founders seek, as it targets opportunities to put its third-party capital backed reinsurance capacity to work in larger life and annuities transactions that are sometimes too big even for RGA Re.
But with the capital and appetite to be involved in the kind of large life and annuity transactions that may be able to deliver attractive returns to its third-party backers, Langhorne Re is destined to become a significant player it seems.
The hiring of another experienced team member only serves to suggest deal-flow may be growing.
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