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JAB Insurance launches JAB Institutional growth and innovation platform
The new unit will initially focus on global reinsurance, with a planning-led financial advisory and wealth management business targeted for later expansion.
JAB Insurance announced the launch of JAB Institutional, a next-generation growth and innovation platform focused on insurance, reinsurance, and financial services. The firm said the vehicle is intended to address the retirement security gap through initiatives in life and retirement, protected accumulation, and guaranteed income outcomes.
Ramnath Balasubramanian, a former McKinsey senior partner who co-led the global Life Insurance and Retirement practice, will serve as Chief Executive Officer of JAB Institutional. Ed Sunoo, most recently with Munich Re, has been named Global Head of JAB Re, where he will lead JAB’s internal and external reinsurance business.
JAB Institutional is organized into three verticals, including a client-focused U.S. retail platform, an institutional business initially centered on global reinsurance, and a pension risk solutions platform. JAB Re, backed by JAB Insurance, will provide customized reinsurance and capital solutions via Bermuda and U.S. legal entities to insurers and reinsurers worldwide.
JAB Institutional also plans to build a planning-led financial advisory and wealth management operation for individual clients, combining a technology-enabled, open-architecture platform with experienced financial advisors. The announcement ties the effort to JAB Insurance’s existing platform, Prosperity Life Group, and its U.K. pension expansion, including the expected closing of the Utmost Life & Pensions transaction later this year.