Pacific Life Re, the global reinsurance business of Pacific Life, has announced the successful execution of a $3 billion longevity reinsurance agreement with American National Insurance Company.
Building on its established presence across the UK, Netherlands and Canada, this agreement marks the entry of Pacific Life Re’s Savings & Retirement business into the US market.
Under the terms of the treaty, Pacific Life Re assumes the longevity risk linked to $3 billion of Pension Risk Transfer (PRT) liabilities.
“We are thrilled to achieve this milestone transaction and continue to provide longevity and asset-intensive solutions globally,” said Phill Beach, Executive Vice President, Savings & Retirement, Pacific Life Re.
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, stated: “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 were supported on the deal by global law firm Eversheds Sutherland.
