Reinsurance: GreyCastle shows different approach for new capital
A recent deal between XL and GreyCastle is made possible by the long-term objectives of the buyer’s backers. Rob Mannix spoke to GreyCastle’s chief executive Raymond Brooks about how this approach is different from that of other similar investments
A recent deal whereby global insurer XL retroceded part of its life reinsurance business to a Bermudan vehicle represents an interesting twist in the trend for new money to come into the insurance and reinsurance space.
In June, XL sold its subsidiary XL Life Reinsurance (XLLR) to GreyCastle Holdings, a startup reinsurance business, for $570 million (£335 million) in cash, with XLLR then reinsuring $4.4 billion of reserves relating to XL’s life operations. The reserves relate to XL’s European
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