InEvo Re, the specialist reinsurer launched by Macquarie Asset Management, has announced its first transaction, signing an agreement with a leading UK insurer to reinsure pension liabilities. It marks a major milestone for the newly-formed Bermudian-based reinsurer.

The transaction covers pension risk transfer liabilities, including both pensions in payment and deferred pensioners, and includes several market-first features tailored to meet the risk and regulatory requirements of UK insurers.

Ben Way, group head of Macquarie Asset Management, said: “The insurance sector is a strategic priority for Macquarie Asset Management. InEvo Re strengthens our ability to provide solutions for insurance clients looking to service the ever-growing need for retirement products.”

He added: “Today’s announcement represents an important milestone for InEvo Re and is the result of significant investment by Macquarie Asset Management to build a world-class team and operational platform.”

Established in Bermuda, InEvo Re focuses on delivering capital and risk solutions for life insurers around the world. The reinsurer’s executive leadership team brings an average of more than 20 years of experience across global insurance and reinsurance firms, with expertise in areas like underwriting, asset liability management, investment and capital strategy.

Mike White, chief executive of InEvo Re, said the deal underlines the company’s ambition to be a global partner in the retirement and insurance space. “We look forward to supporting our client in growing their UK PRT business and delivering security to policyholders,” he said.

“We believe our team’s quality, strong risk culture and strategic partnership with Macquarie Asset Management represent a compelling proposition for insurers globally and are excited to see a strong pipeline of opportunities and positive engagement from prospective clients,” Mr White added.

InEvo Re is supported by Macquarie Asset Management’s global investment platform, with approximately $633.7 billion in assets under management across real assets, real estate, credit and equities.