Pacific Life Re and ThaiRe Life Assurance PCL have announced the formation of a new partnership to provide sustainable life reinsurance solutions to Thailand-based life insurance operators.
The collaboration is expected to bring Pacific Life Re’s technical and product development expertise together with ThaiRe Life’s insights and standing in the local life industry.
According to a report by GlobalData’s Insurance Intelligence Center, the life insurance industry in Thailand is forecast to reach THB 663 billion (USD 22 billion) in gross written premium in 2024, up from THB 587 billion ($20 billion) in 2020.
“This is a significant step for us as we continue to enhance our proposition in the Thailand life insurance market,” said Andrew Gill, Managing Director for Pacific Life Re Asia & Australia.
“We are thrilled to be joining forces with ThaiRe Life, an established local reinsurer in delivering opportunities to significantly transform and redefine the local life insurance industry,” Gill added. “Together with our technology subsidiary, UnderwriteMe, our partnership will bring our vision of making life insurance more accessible and affordable a reality for the people of Thailand.”
Suchin Wanglee, Chairman of the Board at ThaiRe Life, also commented: “We sincerely appreciate having Pacific Life Re’s confidence in us by entering into this long-term strategic partnership. We’re confident that this partnership will be long lasting and mutually beneficial to both parties.”
On the Pacific Life Re side, the collaboration agreement was signed by Gill and Vasan Errakiah, Head of SEA and Product Development. For ThaiRe Life, the signing was done by President Sutti Rajitrangson and Senior Vice President Navadee Ruangrattanametee.
Among others present at the virtual signing ceremony were ThaiRe Life’s Wanglee and Wil Chong, General Manager for Asia Markets at Pacific Life Re.