Aurigen USA Holdings has acquired Brokers National Life Assurance from Ameritas Life Insurance, following the receipt of approval from concerned regulatory bodies.
Financial terms of the transaction remain undisclosed.
Originally inked on 4 March, the deal is part of the acquirer's strategy to strengthen its footprint in the US life reinsurance market.
Operating in 48 states and the District of Columbia, Brokers National Life Assurance will be rebranded as Aurigen Reinsurance Company of America, while its dental and vision business will be included with Ameritas Life Insurance Corp.
The acquisition will enable the company to deliver reinsurance capacity for individual life business using yearly renewable term and coinsurance structures through a US domiciled reinsurance firm.
Aurigen Capital president and chief executive officer Alan Ryder said, "Our entry into the U.S. life reinsurance market comes at a time when primary companies are looking for financially secure capacity, diversification of counterparty risk and a reinsurer that truly understands their business."
Michael Pado, president and chief executive officer will spearhead Aurigen Reinsurance, and report to Ryder.
The acquirer said that Aurigen Reinsurance Company of America will instantly start marketing its life reinsurance products and services in the country.
Currently licensed to transact life reinsurance in Canada and Bermuda, Aurigen's core business is the reinsurance of individual life insurance policies.
Having a workforce of 56 employees, Aurigen has life reinsurance in force in excess of $30bn and consolidated assets in excess of $375m.
