Canada Life Reinsurance has taken EUR 4.7 billion of long-term longevity risk off the hands of life and annuities focused insurer Athora’s European arm in a recent longevity reinsurance arrangement.
Canada Life Re entered into the long-term longevity reinsurance agreement with Athora Netherlands, the Dutch arm of the insurer.
The longevity reinsurance deal covers EUR 4.7 billion of in-force liabilities and 104,500 in-payment and deferred policies for Athora, significantly reducing its longevity exposure to benefits recipients living longer than anticipated.
Jeff Poulin, Global Head of Canada Life Reinsurance, said the agreement shows Canada Life Re’s strength as a partner for longevity reinsurance transactions around the world.
“We are pleased to build and grow our relationship with Athora Netherlands with this major reinsurance agreement,” Poulin said.
“It demonstrates our ability to work together with our partners to meet their reinsurance needs and adapt our solutions to their needs over time.”
Read about many historical longevity swap and reinsurance transactions in our Longevity Risk Transfer Deal Directory.