Home›Insurance›Industry & Deals›Talcott launches West Grove Re sidecar after about $1…

Talcott launches West Grove Re sidecar after about $1 billion capital raise

The Bermuda reinsurance vehicle will take part in a quota share of some Talcott-sourced U.S. annuity business, with Goldman Sachs Asset & Wealth Management set to run private asset investments.

Reported · Written up by our desk · Industry & Deals

International life and annuity insurance specialist Talcott Financial Group has launched West Grove Re Ltd., a Bermuda-based reinsurance sidecar that has been capitalized with approximately $1 billion following a fund-raise in partnership with Goldman Sachs, Artemis reported.

The new sidecar is designed to support Talcott’s accelerated growth in its insurance and reinsurance platform, and it will participate in a quota share of some of the Talcott-sourced U.S. annuity business.

Talcott said the structure is intended to improve its ability to deliver scalable, capital-efficient solutions across a range of liabilities, and that it will provide support services to the sidecar across actuarial, finance, compliance, and risk functions.

Artemis also reported that Goldman Sachs Asset & Wealth Management will act as investment manager for private asset strategies tied to the sidecar’s asset portfolio, while other asset managers are expected to manage the remainder, and that the roughly $1 billion raise includes equity commitments and a credit facility.

More like this

Sources