Philadelphia Financial, a high net worth private placement insurer, has launched its international private placement life and annuity business.
The newly floated businesses in Bermuda include Philadelphia Financial Life Assurance Company (Bermuda), and Philadelphia Financial Life International.
Both firms will trade as wholly owned subsidiaries of Philadelphia Financial, supporting the company’s strategy of growth through acquisition, and building both US and international distribution.
Philadelphia Financial CEO John Hillman said, "Our expansion into international markets is a response to both opportunity and demand, complementing Philadelphia Financial’s market-leading U.S.-based PPLI franchise with a Bermuda domiciled solution to serve the global high net worth market."
Philadelphia Financial executive vice president Ken Kilbane said, "The establishment of these two companies positions our firm as a single source of private placement solutions to distributors, wealth advisors, law firms, accounting firms, trust companies and alternative investment managers serving global high net worth clients."