Langhorne Re names Andrew Markus CEO, as Pestcoe retires

Langhorne Re names Andrew Markus CEO, as Pestcoe retires

Langhorne Re, the joint-venture, third-party capital backed life and annuity reinsurance firm released by Reinsurance Group of America (RGA) in collaboration with RenaissanceRe (RenRe), has actually promoted its Chief Operating Officer and General Counsel Andrew Markus to end up being Chief Executive Officer (CEO), Bermuda.Langhorne Re was gone for the start of 2018 as the very first venture into life and annuity reinsurance by specialist third-party reinsurance capital manager and reinsurer RenaissanceRe, alongside RGA its partner in the venture.
With RGA a leading life reinsurer and RenRe maybe the most skilled third-party capital handling reinsurer, Langhore Re was viewed as a way to enhance capacity for large in-force block transactions participated in by RGA, with the support of financiers from the capital markets.
Andrew Markus is replacing Marvin Pestcoe, Langhorne Re Bermuda Chairman and CEO, in the role, who is set to retire.
Pestcoe had actually become Langhorne Res Bermuda based CEO in 2019, however then had actually taken on a board position at Bermuda based re/insurer Hamilton Insurance Group in early 2020 and is now transitioning out of his Langhorne Re responsibilities on his retirement.
Pestcoe will stay on the Board of Directors of Langhorne Re Bermuda through the end of 2021 to help in the shift, the business stated.
Andrew Markus signed up with Langhorne Re right after its launch in early 2018. Hes now been promoted to CEO and likewise chosen to the Board of Directors of Langhorne Re Bermuda.
Markus had spoken with to Langhorne Re during its initial capital raise, prior to which he had been General Counsel and Chief Compliance Officer at Maritime Finance Company, a Bermuda-based finance business working in the maritime market.
Prior to that, Markus worked as Assistant Vice President and Corporate Counsel at RenaissanceRe, where he handled the legal and compliance aspects of RenaissanceRes managed joint ventures and tactical investments in reinsurance.
Previously, he worked as a partner in the Corporate and Financial Services department of worldwide law practice Willkie Farr & & Gallagher LLP.
Langhorne Re had still not underwritten any organization since completion of 2020.
Formerly, among its sponsors RGA had actually said that Langhorne Re is best matched to taking part in large deals, while RGAs CEO had later said that her company stayed patient as it waited on Langhorne to flourish.
In early 2020, RGA said that the pipeline of deals suited to Langhorne Re participation was constructing, after which in late 2020 RGAs CEO stated that a very first Langhorne Re deal was expected in due course.
The marketplace for the type of big life and annuity reinsurance offers that Langhorne Re targets is particularly competitive, with the big private equity backed gamers, in addition to worldwide reinsurers, all contending for these offers.

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