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26North Re Agam Capital Management National Life Group

26North Re completed a $4.9 billion reinsurance deal with National Life Group

26North Re , a reinsurance partner to the life and annuity industry, announced the completion of a $4.9 billion reinsurance transaction with Life Insurance Company of the Southwest (LSW), a member company of National Life Group (NLG). NLG has a 175-year history and focuses on serving Middle America. The transaction brings 26North’s total assets under management to approximately $22 billion.

26N Re, through its subsidiaries, will reinsure a seasoned and diversified block of LSW’s multi- year guarantee and fixed index annuity products. Additionally, 26N Re has agreed to provide quota share reinsurance for future fixed annuities issued by LSW. NLG, through one of its companies, is a minority owner in the 26N Re subsidiary reinsuring the policies ceded by LSW.

“This transaction will significantly scale our reinsurance business and continue to diversify 26North’s platform. We believe that our culture of prudent risk management and strong governance allows 26N Re to partner with the highest-quality cedants who are looking to leverage our long-term capital and asset management expertise,” said Josh Harris, Founder of 26North.

“The strategic transaction with NLG further advances 26N Re’s position as a reinsurer of choice in the annuity marketplace and solidifies its reputation as a leader in block reinsurance and forward flow transactions,” said Cole Charnas, Partner at 26North.

“National Life has been keeping its promises to policyholders for 175 years” said Mehran Assadi, Chairman, CEO and President of National Life Group. “This strategic partnership with 26North will expand our opportunity to serve Middle America for our next 175 years.”

26N Re was advised by and partnered with Agam Capital Management on the transaction, leveraging its industry-leading pALM asset and liability management system as well as the operational support of the Agam Bermuda ISAC platform. Kirkland & Ellis LLP served as the legal advisor to 26N Re in connection with the transaction.