Appleby acted as Bermuda counsel to Global Atlantic Financial Group Limited (Global Atlantic), a leading U.S.-focused retirement, life insurance and reinsurance company, in its establishment of Ivy Co-Investment Vehicle LLC (Ivy).
Ivy is sponsored by Global Atlantic and designed to co-invest approximately USD1 billion with Global Atlantic and its subsidiaries in qualifying reinsurance transactions. Global Atlantic and Ivy will co-invest in new qualifying reinsurance opportunities sourced by Global Atlantic's institutional reinsurance business. These transactions include both reinsurance of life & annuity blocks and reinsurance of pension risk transfer (PRT) transactions.
Manu Sareen, Head of Global Atlantic's Institutional business and Chief Executive Officer of Global Atlantic Re Limited, said: "The Ivy co-investment vehicle provides Global Atlantic with access to up to approximately $1 billion of additional capital for new transactions. This co-investment vehicle provides Global Atlantic with significant flexibility to better serve our reinsurance clients and gives our co-investors an opportunity to earn compelling risk-adjusted returns by deploying capital in this attractive market. Since Global Atlantic's founding, we have reinsured approximately $30 billion of reserves spanning life & retirement blocks and PRT reinsurance. We look forward to continuing to partner with insurers by providing customized solutions to meet the unique financial, risk and capital objectives of each of our clients."
Brad Adderley, lead Appleby partner on the deal said, "Congratulations to long-standing client, Global Atlantic and the Ivy team on their successful and exciting launch."
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