Life reinsurer Pacific life Re has strengthened its presence in the Dutch market with the completion of a €1.3 billion longevity swap reinsurance transaction with Aegon Levensverzekering N.V., part of the a.s.r. group.
This agreement is Pacific Life Re’s second longevity reinsurance transaction in the Netherlands, following its landmark €2bn longevity swap with Nationale-Nederlanden last year.
As per Pacific Life Re, this latest transaction covers a portion of the defined benefit pensions included in a pension buy‑out, and was supported by global law firm Hogan Lovells.
Vanessa HoVon, Managing Director, Savings & Retirement for Europe & Americas at Pacific Life Re, commented: “We are delighted to partner with a.s.r. on this significant transaction, our first Dutch deal covering defined benefit liabilities for both pensioners and deferred members, and which reflects our shared commitment to protect people in retirement.
“Pacific Life Re look forward to continuing to deliver bespoke solutions and supporting our partners in the Dutch market as they navigate the ongoing pension reform through the provision of risk transfer solutions.”
Jouke Hottinga, Managing Director, Group Strategy & Balance Sheet Management at a.s.r., said: “We are pleased with this transaction. Pacific Life Re is a highly reliable and reputable counterparty with whom we are pleased to enter into cooperation. This reinsurance transaction effectively mitigates our longevity exposure and is fully aligned with our continued objective of optimising the balance sheet.”
You can read about this transaction and many other longevity swaps and longevity risk transfer transactions over on Artemis’ list of such agreements.
