Reinsurance News

PartnerRe strikes deal with Manulife to reinsure longevity risk of 25,000 annuitants

14th March 2019 - Author: Staff Writer

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.

Longevity imageIn 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

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“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.”

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