Brookfield's (BN) Oaktree will invest hundreds of millions of dollars to reinsure policies sold by Allianz, The Financial Times reported Monday.
Oaktree is creating a new vehicle at Lloyd's of London to cover risks underwritten by Allianz, under which it will fund a portion of claims payouts on the policies.
Allianz has been increasing the amount of risk it passes to reinsurers. "We're buying ever more reinsurance," Thorsten Fromhold, the group's head of reinsurance, told The Financial Times.
While Oaktree did not disclose the exact value of the policies, Allianz said it would be in the hundreds of millions of dollars, the report added.
Oaktree, Allianz, and Lloyd's of London didn't immediately reply to MT Newswires' request for comments.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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