A Caribbean reinsurer is expanding its menu in the United States.
A unit of XL Capital Ltd., Hamilton, Bermuda, says it will be using Servus Life Insurance Company, a life insurance company it has acquired from Hartford Financial Services Group Inc., Hartford, to enter the U.S. individual life reinsurance market.
XL Re Life, XL Capital’s life reinsurance arm, says it will be applying for permission from regulators to give Servus a new name, XL Re Life America Inc., and use the company to “offer reinsurance capacity for individual life reinsurance and in-force portfolios on a yearly renewable term or coinsured basis, as well as individual reinsurance capacity on a facultative underwriting basis.”
Andy Batley will be president of XL Re Life America, which will be based in Stamford, Conn., according to XL Re Life.
XL Capital is best known for selling property-casualty reinsurance in the United States, but its XL Re Life unit already sells life reinsurance in the United Kingdom.
Another property-casualty reinsurer, ACE Ltd., Hamilton, is in the process of buying a second Hartford Financial life insurance subsidiary, Hart Life Insurance Company, according to Connecticut insurance regulators.