Warwick Re Ltd, the Bermudian-based reinsurance company, has completed its second transaction, an annuity reinsurance agreement with a US life insurer.

Under the terms of the agreement, the company said, Warwick Re has reinsured an in-force block of US annuity business, and the cedant will continue to service and administer the policies.

Warwick Re has also agreed to provide quota share reinsurance for future fixed annuity flow business.

The company said the transaction is expected to increase Warwick Re's asset base by approximately $550 million.

Warwick Re's founder and CEO, Chris McGlashan, said: "We are pleased to form this new reinsurance partnership, which represents another example of our ability to provide capital-efficient solutions and asset-management expertise to support our clients in growing their businesses.

“The US annuity market is an important strategic focus for Warwick and is complementary to our UK bulk-purchase annuity business.

“We look forward to expanding our market presence and working with other US insurers to deploy innovative solutions to meet their capital and risk-management objectives and support their fixed-annuity originations."