Pacific Life Re is expanding into the funded reinsurance market following the establishment of a new Global Funded Solutions (GFS) team.
GFS has been created to further support Pacific Life Re’s clients in writing asset intensive business where it is required.
The initial focus was intended to support the UK pension risk transfer market, but the team is also looking to expand into other geographies and product lines where there is a demand for this form of reinsurance support.
GFS utilises the longevity and reinsurance structuring expertise capabilities within the Pacific Life group, as well as a significant balance sheet strength and AA- S&P credit rating.
Phill Beach will head up the new team and will be based in Bermuda.
“I am really excited to have been involved in the set-up of GFS and I look forward to working with the team to grow this business line over the coming years,” said Beach.
“Our insurance clients offer a huge social benefit by de-risking pension schemes and increasing security to member pensions. I’m pleased that Pacific Life Re can now play a greater role in supporting this de-risking of pensions and expand to support other asset backed business in the markets we operate in.”
Dave Howell, CEO, Pacific Life Re added, “Since 2008 we have grown Pacific Life Re to be a significant global reinsurer for insurance risk transfer. Our expansion into funded reinsurance was a natural next step given the balance sheet strength, capital availability and investment management capability of our parent company, Pacific Life.”