Bermuda-based reinsurer PartnerRe has entered into a transaction with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk from an in-force block of Canadian group payout annuities.
In aggregate, the deal will see PartnerRe reinsure the longevity risk of roughly 25,000 annuitants.
Manulife recently wrapped up a deal with RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of global life and health reinsurer RGA.
The deal saw RGA Canada reinsure the longevity risk related to approximately 45,000 annuitants.
“PartnerRe is excited to have partnered with a company such as Manulife in completing its first longevity reinsurance transaction in Canada,” said Alan Ryder, Chief Executive Officer of PartnerRe North America Life
“We have developed a strong brand in providing varied solutions for life reinsurance and were able to apply our innovative thinking in developing a customized structure that meets Manulife’s needs.”
Kevin O’Regan, CEO Europe, Middle East, Latin America Life and Longevity for PartnerRe, added, “PartnerRe has a track record in innovation in longevity reinsurance.”
“We are delighted that our customer focused approach has delivered this solution. It was great working with such a professional team at ManuLife.”
