SA Reinsurance will write life business for an existing joint venture

Sony Life Insurance has formed a new life reinsurance company in a joint venture with Aegon’s Bermuda operation.

SA Reinsurance will be based in Bermuda and will write reinsurance for variable annuity business from Aegon Sony Life, a joint venture launched by the two firms in December 2009.

The new company, a 50:50 partnership taking staff from both companies, has been approved by the Bermuda Monetary Authority and is said to be capitalised at $55m.

It will be led by Katsuki Yoshimoto and Andrew Kanelos as co-managing directors.