Life and health reinsurer Pacific Life Re, has ventured into the US longevity reinsurance market as the company has announced the successful execution of a $3 billion longevity reinsurance agreement with American National Insurance Company.
As part of the transaction, Pacific Life Re assumes the longevity risk linked to $3 billion of Pension Risk Transfer (PRT) liabilities.
As noted, this marks the entry of Pacific Life Re’s Savings & Retirement business into the US market and builds on the company’s established presence across the UK, Netherlands and Canada.
Phill Beach, Executive Vice President, Savings & Retirement, Pacific Life Re, commented: “We are thrilled to achieve this milestone transaction and continue to provide longevity and asset-intensive solutions globally.”
Adding: “This transaction highlights our ability to deliver tailored longevity solutions at scale and demonstrates our strong commitment to support PRT markets and policyholders worldwide.”
Howie Timothy, AVP Client Solutions, North America, Savings & Retirement, Pacific Life Re, said: “We are very proud to have partnered closely with American National on this deal and to showcase our capabilities and expertise in a new market. We look forward to continued partnership with the team at American National.”
Pacific Life Re was supported on the deal by global law firm Eversheds Sutherland.
View details of many longevity swaps and longevity reinsurance deals in our longevity risk transfer deal directory.
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