Life insurer Pacific Life Re has entered into a second asset intensive reinsurance agreement with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life), a domestic life insurance subsidiary of Tokio Marine Holdings.
The new deal builds on the pair’s first successful transaction, which took place in May 2024.
This latest deal covers in-force whole-of-life policies and will help Anshin Life reduce its portfolio’s long-term interest rate risk.
The deal will also allow the life insurer to advance its asset liability management capabilities.
Phill Beach, Executive Vice President of Savings & Retirement, Pacific Life Re, commented, “We’re delighted to announce this second transaction with Anshin Life, reinforcing our strong partnership. Providing these types of solutions in Japan is a key part of our core business strategy.
“Through the transfer of Anshin Life’s risk to Pacific Life Re, their organisation is able to more efficiently manage and optimise their product portfolio, helping to achieve broader business objectives.”
This deal was supported by global re/insurance broker Aon and law firm Eversheds Sutherland.
Yesterday, Resolution Life entered into a block reinsurance agreement with Anshin Life
