With a value of US$13.75 million, the bond aims to provide the firm with incremental retrocession protection.
Aspen will be the sole cedant to Pando Re and Pimco will be the investment manager.
Following the rebranding of its broking operations in October 2023, Howden aims to express its collective expertise in the reinsurance business through a single identity.
Global reinsurer capital increased by 17 per cent to US$670 billion in 2023.
The agreement includes US$12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by its subsidies Pruco Life and Pruco Life of New Jersey.
The transaction, expected to conclude early in the second quarter of 2024, is the largest Canadian universal life reinsurance deal to date.
In the publication, the authority has a particular view on intra-group transactions, the prudent person principle and governance
