Pacific Life Re, a life and health reinsurer, has completed a longevity swap reinsurance agreement with Nationale-Nederlanden (NN Life) in the Netherlands, strengthening its international reach.
The agreement covers a €2 billion portfolio of in-force individual annuity policies and includes a long-term commitment to reinsure future new business through a flow arrangement.
This milestone deal builds on Pacific Life Re’s extensive experience in pension risk transfer and flow transactions across various markets. It also marks the company’s first longevity reinsurance transaction in the Dutch market, a key area for its expansion.
Phill Beach, executive vice president of Savings & Retirement at Pacific Life Re, said: “We’re delighted to announce the start of a new partnership with NN Life.
“We have successfully used our longevity swap and flow experience and been able to apply this to the Dutch individual annuity market. This has allowed us to develop a bespoke solution that supports NN Life in delivering on their commitments to customers.”
Peter Brewee, chief risk officer at NN Life, commented: “This deal underscores our efforts to continually look for value creating opportunities, reduce longevity risk in the Dutch market, and actively manage our balance sheet.”
