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July 15, 2021 at 10:38 AM
What You Need to Know
- The policies are backed by $4.8 billion in assets.
- An AXA unit will continue to service and administer the policies.
- Outside investors will participate in the deal.
Global Atlantic Financial Group is starting to provide reinsurance for insurers based outside of the United States.
The Hamilton, Bermuda-based company said earlier this week that it has agreed to reinsure blocks of whole life business written by two units of S.A. — by AXA China Region Insurance Co. Ltd. and by AXA China Region Insurance Co. (Bermuda) Ltd., which is known as AXA HK.
The policies are backed by assets with a value equivalent to about $4.8 billion.
AXA HK will continue to service and administer the whole life policies involved in the deal.
