HI there,
This will take a bit to form a concrete opinion. THis is a brand new company which only has a pension risk transfer business line right now. It aims to expand and growth in reinsurance transactions in which it has signed one deal so far (AEL holdings). It estimates there is a $250B potential pension risk transfer business opportunity over the next 10-20 years. It generate 431M and 1.6M in net income in 2020, down from 503M and 5.5M in 2019. In Q1 of 2021 - premiums dropped significantly from 29M to 2.7M on lower pension risk transfer deals closed in the quarter. It has 1B in assets under management up from 688M at the end of 2020.
BAMR is a new entity - looks like it was only 'created' in 2018 and really only began materially operating in 2019. This is a pretty complicated business and will take some time to digest. The AEL holdings deal is significant and its not fully reflected in the statements or guidance/outlook but that deal is only expected to close in the third quarter. According to the company "The reinsurance arrangement with AEL is expected to account for a substantial portion of our business, and is contingent on the finalization and execution of the reinsurance agreements between the parties."
Mat