JAB Insurance launches JAB Institutional
JAB Insurance announced the launch of JAB Institutional, a “next-generation” growth and innovation platform focused on insurance, reinsurance, and financial services. Ramnath Balasubramanian, a former McKinsey & Company senior partner who co-led its global Life Insurance and Retirement practice, has been appointed Chief Executive Officer of JAB Institutional. Ed Sunoo, an industry veteran who most recently was with Munich Re, has joined as Global Head of JAB Re, where he will lead the firm’s internal and external reinsurance business. JAB Insurance comprises three verticals: a client-focused U.S. retail platform, an institutional business initially focusing on global reinsurance, and a pension risk solutions platform.
JAB Re is the flagship reinsurance and capital solutions business of JAB Institutional, backed by JAB Insurance. JAB Re offers customized solutions, through its Bermuda and U.S. legal entities, to insurers and other reinsurers across the globe to help them manage their risks and capital.
JAB Institutional is building a planning-led financial advisory and wealth management business to help individual clients with protected accumulation and guaranteed income, and in securing durable outcomes for the uncertainty in life. This is part of JAB Insurance’s broader mission to address the growing retirement security gap and help people achieve financial freedom. The business is expected to pair a technology-enabled, open-architecture platform with experienced financial advisors to deliver personalized, client-focused guidance at scale.
“Over the past two years, we have built JAB Insurance into an at-scale U.S. life and retirement player with our individual client-focused platform, Prosperity Life Group, and expansion into the U.K. pension market with the expected closing of the Utmost Life & Pensions transaction later this year. The natural next step for further expansion is putting our permanent capital to work as an institutional partner – starting with reinsurance and, over time, extending into financial advisory and wealth management. Ramnath and Ed each bring the judgment, networks, and hands-on experience to turn that ambition into reality. I have watched them build and lead in this industry for years, and I am confident there is no better team to do it with. We are delighted to welcome them to the JAB Insurance family and look forward to partnering with them to build JAB Institutional into a successful franchise.” – Anant Bhalla, Executive Chairman of JAB Insurance.
“I am excited to join JAB Insurance for the unique combination of permanent capital, a long-term value-creation mindset, and deep expertise in insurance and financial services. This gives us a differentiated platform to build and scale an enduring business. I’m looking forward to working closely with Anant, Ed, and the broader team to build JAB Re and our emerging financial advisory business into offerings that deliver lasting value for the individuals and institutions we serve.” – Ramnath Balasubramanian.
“Insurers and reinsurers today are looking for creative, well-capitalized, long-term partners who can provide reinsurance solutions for their risk and capital needs – that’s the gap JAB Re is built to address. We already have a strong business and balance sheet to build on as well as a clear plan to scale over time. I’m looking forward to working with our team and partners in Bermuda and the U.S., and to extending that proven model into new markets, as we build JAB Re into one of the industry’s most trusted names.” –Ed Sunoo.
