Bermuda Reinsurance Platforms Expand with $1B Talcott Sidecar and Sompo Life Re Agreement

Talcott Financial Group announced the launch of West Grove Re Ltd., a Bermuda‑based reinsurance sidecar capitalised with roughly $1 billion after a fund‑raise in partnership with Goldman Sachs Asset & Wealth Management. The sidecar will take a quota‑share of Talcott‑sourced U.S. annuity business and is intended to provide scalable, capital‑efficient solutions across a range of liabilities. Talcott CEO Imran Siddiqui said the partnership validates the growth strategy pursued since Sixth Street’s acquisition in 2021.

Separately, Agam Capital and Sompo Life Re Ltd. entered a multi‑year service agreement to support the launch of Life Re, a new Bermuda‑domiciled life reinsurance platform. Agam will provide financial, actuarial and risk‑management services and assist with strategic asset allocation, while Sompo Life Re secured its insurance licence from the Bermuda Monetary Authority. Both parties highlighted the collaboration as a foundation for strong governance and operational capability at launch.