A young life reinsurer has announced more business process support agreements.
Wilton Re Holdings Ltd., Hamilton, Bermuda, the parent of Wilton Re, Wilton, Conn., has agreed to hire GeniSys Management Solutions, Toronto, a unit of Medical Mutual of Ohio, Cleveland, to provide full life insurance administration services for some blocks of Wilton business.
Antares Management Solutions, Westlake, Ohio, another Medical Mutual unit, will provide related technology services, Antares says.
“Part of our business plan calls for the acquisition of blocks of life business as well as the purchase of entire life companies,” Enrico Treglia, Wilton Re’s chief operating officer, says in a statement about the GeniSys and Antares agreements.
GeniSys and Antares already are handling about 75,000 policies that Wilton Re has acquired, Antares says.
Antares is not saying how much Wilton Re is paying for the new administration arrangements.
Wilton Re last week announced a 10-year, $20 million policy administration arrangement with Computer Sciences Corp., El Segundo, Calif.
Wilton Re began operations in 2005.
In addition to selling traditional life reinsurance, Wilton Re sells reinsurance arrangements for life insurers that want to sell blocks of business or shut down entire lines of business.
Wilton Re now has access to a total of $925 million in capital from Lehman Brothers, New York, and other investment firms, Wilton Re says.