Global reinsurer PartnerRe has agreed to acquire North American life reinsurance firm Aurigen Capital for C$375m (about $286m).

Aurigen was established in 2007 with a capital facility in excess of $500m. The company delivers risk and capital management solutions, with its core business being the reinsurance of life insurance policies of North American residents.

The company is licensed to transact life reinsurance in Canada, the US and Bermuda. It has a life reinsurance in force portfolio of over C$100bn ($755m) and consolidated assets of over C$750m ($566m).

Since 2013, Aurigen has been offering mortality risk solutions in the US. The company’s gross premiums written in 2015 were $110m.

Subject to regulatory approvals, the transaction is expected to be completed by the first quarter of 2017.

PartnerRe president and CEO Emmanuel Clarke said: “This acquisition is expected to be financially accretive to PartnerRe’s book value per share in 2017 and aligns particularly well with our overall strategy to grow our Life and Health business. 

“Aurigen will expand our life reinsurance footprint in Canada and the U.S. with virtually no overlap in market coverage.”

Aurigen CEO Alan Ryder said: “Under PartnerRe’s ownership, our clients can expect the innovative reinsurance solutions and exceptional service they’ve come to know from Aurigen to continue and, over time, a broadened product offering and extended risk appetite.”

Image: PartnerRe agrees to acquire Aurigen Capital. Photo: courtesy of stockimages and