26NORTH RE CLOSES $4.9B REINSURANCE TRANSACTION WITH NATIONAL LIFE GROUP'S LIFE INSURANCE COMPANY OF THE SOUTHWEST

NEW YORK, May 7, 2024 /PRNewswire/ -- 26North Reinsurance Holdings (26N Re), a leading reinsurance partner to the life and annuity industry, today announced the completion of a $4.9 billion reinsurance transaction with Life Insurance Company of the Southwest (LSW), a member company of National Life Group (NLG). NLG has a 175-year history and focuses on serving Middle America. The transaction brings 26North's total assets under management to approximately $22 billion.

26N Re, through its subsidiaries, will reinsure a seasoned and diversified block of LSW's multi- year guarantee and fixed index annuity products. Additionally, 26N Re has agreed to provide quota share reinsurance for future fixed annuities issued by LSW. NLG, through one of its companies, is a minority owner in the 26N Re subsidiary reinsuring the policies ceded by LSW.

"This transaction will significantly scale our reinsurance business and continue to diversify 26North's platform. We believe that our culture of prudent risk management and strong governance allows 26N Re to partner with the highest-quality cedants who are looking to leverage our long-term capital and asset management expertise," said Josh Harris, Founder of 26North.

"The strategic transaction with NLG further advances 26N Re's position as a reinsurer of choice in the annuity marketplace and solidifies its reputation as a leader in block reinsurance and forward flow transactions," said Cole Charnas, Partner at 26North.

"National Life has been keeping its promises to policyholders for 175 years" said Mehran Assadi, Chairman, CEO and President of National Life Group. "This strategic partnership with 26North will expand our opportunity to serve Middle America for our next 175 years."

26N Re was advised by and partnered with Agam Capital on the transaction, leveraging its industry-leading pALM asset and liability management system as well as the operational support of the Agam Bermuda ISAC platform. Kirkland & Ellis LLP served as the legal advisor to 26N Re in connection with the transaction.

Rothschild & Co served as financial advisor and Sidley Austin LLP served as legal advisor to National Life Group in connection with the transaction.

About 26North Reinsurance Holdings

26N Re has reinsured over $10 billion of reserves since its founding in 2022 across multiple transactions with high-quality, industry-leading ceding partners. 26N Re leverages high-quality long-term capital, active portfolio management and investment-grade private origination through 26North's Investment Grade Alpha strategy to deliver effective solutions to its insurance partners.

26N Re is backed by 26North, an integrated multi-asset class investment platform founded by Josh Harris with a strong risk-based capitalization and a seasoned management team.

About 26North

26North Partners LP is an integrated, multi-asset class investment platform, founded and led by Josh Harris, with approximately $22 billion in AUM. 26North provides investment advice and opportunities to its clients related to a variety of investment strategies, including, but not limited to, private equity, credit, and insurance and reinsurance solutions.

Josh Harris and the 26North team bring decades of experience managing third-party capital to help clients achieve their financial goals while leaving a lasting impact on the communities where they operate.

About National Life Group

National Life Group® is a trade name of National Life Insurance Company, founded in Montpelier, Vermont, in 1848, Life Insurance Company of the Southwest, Addison, Texas, chartered in 1955, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.

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SOURCE 26North