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Fidelity Moves Ahead With Efforts to Launch SoteriaRe

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A new Fidelity Investments annuity reinsurance arm, Soteria Reinsurance, is getting closer to opening its doors.

The Pembroke, Bermuda-based company recently hired Ari Lindner to be its president, and it’s now hiring a valuation actuary.

“Our mission is to empower our primary reinsurance partners via flow reinsurance to provide the best possible annuity solutions,” SoteriaRe says on its website.

A reinsurer that provides flow reinsurance agrees to accept risk related to future product sales on an ongoing basis, rather than simply protecting an insurer against some or all of the risk associated with business already on the books.

Fidelity said earlier this year that SoteriaRe will focus on reinsuring U.S. individual fixed annuities and on providing the kinds of big group annuities that employers use to transfer defined-benefit pension plan risk to insurers.

Company representatives were not immediately available to talk about the company’s plans.

What it means: Big asset managers are still putting cash in the life and annuity market.

Reinsurance: A reinsurer is a company that, in effects, insures the liabilities of an insurance company.

The history: Fidelity has had Bermuda-based insurance operations for decades.

News that Fidelity was starting SoteriaRe surfaced in a brochure the Boston-based company’s parent, Fidelity Management & Research, filed with the U.S. Securities and Exchange Commission in March.

SoteriaRe: Lindner, SoteriaRe’s founding president, previously was the CEO of Converge US, an arm of the Lightstone Group.

Lightstone is a privately held New York-based real estate investment company that may be best known for owning Aloft and Moxy hotels, along with many other residential and industrial properties.

Before Lindner took charge of Converge US, in 2021, he was an executive at reinsurance arms of Swiss Re, AXA, ACE and Munich Re. He spent 15 years at ACE-affiliated companies.

He has a bachelor’s degree in actuarial science from Wharton.

Paolo Fiandesio, who took over as the company’s chief risk officer in July, previously worked as a risk manager at Somerset Re and as the chief risk officer at Resolution Re.

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