Life, mortality and longevity focused reinsurance firm Pacific Life Re has provided life, annuities and pension risk transfer insurance firm Rothesay Life with longevity reinsurance protection covering £1 billion of its liabilities during 2014.
Pacific Life Re announced that it has signed a series of reinsurance agreements with Rothesay Life covering the longevity risk associated with pension liabilities in excess of £1bn.
The reinsurance transactions, completed during 2014, provide Rothesay Life with longevity protection across a proportion of its in-force bulk annuity book of business. The reinsurance transactions cover over 100 individual pension schemes and are the seventh transaction between these two companies.
Andy McAleese, Head of Annuity Transactions for Pacific Life Re, commented; “We are very pleased with the successful completion of these latest longevity transactions which mark a further expansion of our long-standing relationship with Rothesay Life. Over recent years, Rothesay Life has constantly been at the forefront of pension scheme de-risking and we are delighted to have supported them with these transactions.”
Tom Pearce, Managing Director of Rothesay Life, added; “Rothesay Life is delighted to complete these latest reinsurance transactions with Pacific Life Re. These transactions further demonstrate our commitment to a low risk strategy and the importance of strong long-term relationships such as that with Pacific Life Re.”