Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has entered into a structured mortality transaction with Allianz Indonesia, expanding its footprint in Asia.
Under the agreement, Canada Life Reinsurance will provide protection against adverse mortality experience on a portfolio of credit life business.
According to Gareth Dobson, who leads the Barbados Branch of Canada Life, this reinsurance transaction is the first one they agree with Allianz Indonesia, as well as the first one in the Indonesian market.
Dobson said: “Canada Life is very pleased to expand its footprint in Asia and continues to actively pursue new opportunities in the region. We would like to thank the teams at Allianz Indonesia and Aon’s Reinsurance Solutions in Asia – Life & Health, whom we worked very closely with throughout and we look forward to building these partnerships into the future.”
Pierre Vende, life and health reinsurance leader for APAC at Aon, commented: “Placing a pioneering structured mortality transaction in Indonesia is an exciting step forward for life insurers. Despite the evolving conditions during COVID-19, we accessed our global market relationships and secured the solution and capacity required through analytics to better inform reinsurers on the opportunity.
“The collaboration across PT Asuransi Allianz Life Indonesia, Canada Life Reinsurance and Aon reinforces the potential for more protection in the future to ultimately support our clients and help them make better decisions.”
David Nolan, Country Manager and President Director Allianz Life Indonesia, said: “Allianz Life Indonesia aspires to provide protection to more people in Indonesia. Through this partnership with Canada Life Reinsurance, we are excited to develop more reliable protection that can meet the growing needs of our customers. In addition, this partnership will expand Allianz Life Indonesia’s capacity as an insurer which will support our mission of protecting more customers.”