Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business, has entered into a new long-term coinsurance agreement with Dai-ichi Life.
The deal covers JPY ¥125 billion (CDN$1.4 billion) of in-force liabilities on a portfolio of life insurance policies.
Under the agreement, Canada Life Reinsurance will cover all future death and surrender claims in respect of the reinsured business.
“I am delighted to announce this significant reinsurance transaction which is not only our first with Dai-ichi Life but also our first in the Japanese market,” said Gareth Dobson, who leads the Barbados Branch of Canada Life.
“As Canada Life Reinsurance continues to expand our business beyond Europe and the U.S. this transaction demonstrates our ability to deliver reinsurance solutions to new clients in new markets. I am pleased that the Canada Life Reinsurance team has worked so effectively with the teams at Dai-ichi Life and broker Willis Re, and we are excited to build these partnerships in the future.”
Franck Pinette, Managing Director of the International Life & Health Practice of Willis Re, also commented: “We are very pleased to have facilitated and executed the ground-breaking Life reinsurance transaction between Dai-ichi Life and Canada Life Reinsurance.”
“Willis Re has been a leading reinsurance advisor in the non-life Japanese market for more than 100 years and has decided recently to develop its Life expertise locally,” Pinette added. “This important transaction is an excellent illustration of our value proposition which is a combination of our Global and Local Life expertise”.