Wilton Re Receives International Reinsurance Award
Thursday September 8, 8:00 am ET
Wilton Re, a company formed to focus on the reinsurance of mortality risk on life insurance policies written in the US has been presented with the Company Launch of the Year Award in the Review Worldwide Reinsurance Awards presented last night at the Dorchester Hotel in London.
Wilton Re Chairman and CEO Chris Stroup said “We are thrilled to have won this award. Most rewarding of all was to learn that it was our unique approach to the capitalization of Wilton Re that gave us the edge in the judges’ decision for this category.”
Jason Groves, editor of The Review – Worldwide Reinsurance, said: “There are a number of key factors that distinguished this year’s winner from a surprisingly competitive field. High among them was the experience of its senior management. But what clinched it for Wilton Re was a unique and innovative capital structure.”
At a time when many would be entrants to the life reinsurance market have struggled to raise sufficient capital, Wilton Re raised over $625 million in the form of irrevocable commitments from private investors. Key to the Wilton Re launch strategy, this structure allows Wilton Re to remain disciplined in their risk evaluation and pricing practices without the burden of $625+ million earning meagre returns while awaiting investment.
“We have employed a number of unique approaches to the market” continues Stroup. “Our commitment to transparency with our client base provides a unique interchange of data between cedant and reinsurer. The goal of transparency is to actually partner on the assessment of risk for a given transaction. We want our ceding companies to profit from their relationship with us, and we expect the same in return. Ceding companies start off hesitantly with this approach because it is so contrary to industry practice. It doesn’t take long for them to see that they get the very best possible pricing from us when they decide to share in the practice of transparency.”
The awards have been the only ones internationally recognised by the reinsurance industry since their inception 12 years ago. Recipients are chosen from entries taken from around the world and adjudicated by a distinguished judging panel which this year included Geoff Bromley, president of Non-Americas at reinsurance brokers Guy Carpenter, Inga Beale, the Head of Continental Europe at GE Insurance Solutions and Greig Woodring, the CEO of the world’s largest professional life reinsurer, RGA.
The awards are organised by The Review – Worldwide Reinsurance. Founded in 1869, it is the leading international magazine for the international reinsurance industry. Guest speaker on the night was the TV presenter and former government whip Gyles Brandreth.
The category was sponsored by the world’s largest reinsurance law firm, Barlow Lyde & Gilbert.
Wilton Re Holdings, Ltd. provides traditional life reinsurance and insurance run off solutions through its wholly owned operating subsidiaries, Prudential Select Life Insurance Company of America (to be renamed Wilton Reassurance Company) and Wilton Re Bermuda, Ltd. The Wilton Re Group was formed in order to provide a new source of life reinsurance capacity in response to the continuing consolidation in the U.S. life reinsurance industry. The Wilton Re Group raised more than $600 million in capital commitments through a private placement of its common stock in December of 2004. A.M. Best Co. has assigned a financial strength rating of A- (Excellent) to the Wilton Re Group operating subsidiaries.
For further information contact Don Araldi, Chief Marketing Officer of Wilton Re at 203-762-4402, Jason Groves, editor of The Review – Worldwide Reinsurance on + 44 (0) 20 7017 4157