Agam Capital Teams up With 26North Re and National Life Group in the Formation and Launch of AeCe ISA, Ltd.

May 07, 2024 at 09:00 AM EDT

Agam Capital (“Agam”), an analytics driven platform strategically partnering with insurance companies to explore opportunities to enhance their financial flexibility, is advising and partnering with 26North Reinsurance Holdings (“26N Re”), a leading reinsurance partner to the life and annuity industry founded by Josh Harris, in the formation and launch of AeCe ISA, Ltd. (“AeCe”), a Bermuda-domiciled Class E life and annuity reinsurer. AeCe will reinsure single premium deferred annuities written by National Life Group’s Life Insurance Company of the Southwest. National Life Group, through one of its companies, is a minority owner in AeCe.

This strategic engagement leveraged Agam’s unique pALM analytical platform and differentiated Bermuda capabilities to support 26North in the development and establishment of a new entrant into the fast-growing market for life and retirement reinsurance solutions in Bermuda. As part of the launch, AeCe will leverage Agam’s Bermuda ISAC structure which offers a comprehensive suite of operational, management and governance services to Bermuda based reinsurers.

Separately, Agam and AeCe have entered into a long-term Management Services Agreement (“MSA”) whereby Agam will continue to leverage its industry-leading asset and liability management and enterprise risk management expertise to support AeCe and its future growth.

Agam’s Co-Founders, Chak Raghunathan and Avi Katz, said, “We are thrilled to be supporting the talented National Life Group and 26North teams as they launch, develop and grow their new reinsurance platform.”

“This transaction illustrates how 26N Re’s strategic partnership with Agam continues to yield positive results as we scale our reinsurance business and diversify our platform,” said Josh Harris, Founder of 26North. “Agam’s innovative, analytics-driven platform aligns with our vision for building a next-generation firm. We are pleased to deepen our partnership with Agam through the launch of AeCe, and together deliver attractive solutions to our insurance partners and ultimately, policyholders.”

“We expect this strategic arrangement to allow us to continue to grow with purpose,” said Mehran Assadi, Chairman, CEO and President of National Life Group. “Our focus on serving Middle America, the most underserved segment of the market, will be enhanced by the added capacity AeCe provides.”

About Agam Capital

Agam was founded in 2016 by Avi Katz and Chak Raghunathan with the vision to create a cutting edge differentiated analytical platform. The execution towards this vision continued with the development of pALM, Agam’s proprietary asset and liability management (ALM) system. Offering the only end-to-end enterprise wide risk and capital analytic solution, Agam empowers strategic decision makers towards their capital optimization goals. With a fully embedded dynamic strategic asset allocation (SAA) and enterprise risk management (ERM) infrastructure, pALM supports Agam’s ability to offer one stop, turnkey insurance solutions.

Agam’s team of experts have a global reach with offices in the USA, Canada, Bermuda and India. In addition, Agam ISAC Bermuda, which offers a comprehensive suite of operational, management and governance services to Bermuda based reinsurers, is fully licensed as a Class E insurer by the Bermuda Monetary Authority (BMA).

About 26North Re

26N Re has reinsured over $10 billion of reserves since its founding in 2022 across multiple transactions with high-quality, industry-leading ceding partners. 26N Re leverages high-quality long-term capital, active portfolio management and investment-grade private origination through 26North’s Investment Grade Alpha strategy to deliver attractive solutions to its insurance partners.

26N Re is backed by 26North, an integrated multi-asset class investment platform founded by Josh Harris with a strong risk-based capitalization and a seasoned management team. 26N Re was advised by Agam Capital on the transaction, leveraging its industry-leading pALM asset and liability management system.

About National Life Group

National Life Group^® is a trade name of National Life Insurance Company, founded in Montpelier, Vermont, in 1848, Life Insurance Company of the Southwest, Addison, Texas, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.