“We have the people, platforms and capabilities to continue our leadership in the industry.”
Langhorne Re names Marvin Pestcoe as CEO Bermuda & Exec Chair
Marvin Pestcoe has been named Executive Chair and CEO Bermuda for Langhorne Re, the joint-venture, third-party capital backed life and annuity reinsurance firm launched by RenaissanceRe (RenRe) and Reinsurance Group of America (RGA).
Pestcoe joins Langhorne Re from his most recent position as Chief Risk and Actuarial Officer at reinsurance firm PartnerRe.
He has over 30 years of experience gained in insurance and reinsurance, from a range of executive roles including leadership positions that focused on profit center management, investments, corporate strategy, data analysis, and risk management.
In the new role at Langhorne Re, Pestcoe will take on responsibility for leading Langhorne Re’s strategy and operations as the joint-venture reinsurer begins to scale up.
Langhorne Re was launched at the start of 2018as the first foray into life and annuity reinsurance by specialist third-party reinsurance capital manager and reinsurer RenaissanceRe, alongside RGA its partner in the venture, as a way to augment capacity for large in-force block transactions backed by the capital markets.
As we explained recently, it will take time for Langhorne Re to achieve the scale its founder seek, as it looks for opportunities to put its third-party capital backed reinsurance capacity to work in larger life and annuities transactions that are sometimes too big even for RGA Re.
An experienced and well known industry leader such as Pestcoe will be invaluable to the firm, as it seeks out the transactions to enable the growth its backers will be demanding.
Pestcoe had held a number of senior management positions at PartnerRe, including as the CEO of Life & Health, Chief Investment Officer, and Head of Strategic Ventures at the reinsurer. In addition he represented PartnerRe as a director on multiple independent boards.
Langhorne Re is funded with capital commitments from founders RGA and RenaissanceRe, as well as other third-party pension fund investors and life insurance companies.
Hence it has the capital and appetite to be involved in the kind of large life and annuity transactions that may be able to deliver attractive returns to its third-party backers.