Life and retirement specialist Athene Holding Ltd., which is a Bermuda based subsidiary of global asset manager Apollo, has completed its first block reinsurance transaction in Japan, covering an in-force block of life insurance policies for FWD Life Insurance Co. Ltd.
Japanese domiciled insurer FWD Life Insurance Co. Ltd. is part of the FWD group, the Asia focused life insurance specialist.
The arrangement sees Athene reinsuring the in-force block of Japanese whole life insurance policies for FWD, while in conjunction entering into an agreement to retrocede the mortality risk related the block of life business to reinsurance giant Swiss Re, which is a leading player in the global mortality risk space.
“We are pleased with this important extension of Athene’s franchise overseas, which demonstrates the capabilities we have developed to support the strategic objectives of insurance companies in the Japanese market,” explained Grant Kvalheim, President of Athene.
Concluding, “We look forward to continued growth in this market by delivering thoughtful, customized solutions to clients seeking additional flexibility.”
“This transaction builds on the power of Apollo and Athene’s combined offerings to insurers in Japan, helping them to provide their policyholders and clients with long term retirement income,” added Matthew Michelini, Apollo Partner and Head of Asia Pacific.
Michael van Vuuren, FWD’s Group Chief Actuary, also said, “We are pleased to partner with Athene on this transaction, which furthers our risk management objectives and delivers significant capital benefits to FWD.”
As said, this is Athene’s inaugural block reinsurance transaction in the Japanese life market.
Athene has been active in the local new business reinsurance market since 2020, executing four flow reinsurance agreements to date in Japan.
