Bermudian reinsurer PartnerRe has completed a second deal with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk for an in-force block of Canadian individual payout annuities.
The announcement follows an earlier transaction with Manulife this year, which saw PartnerRe reinsure the longevity risk of roughly 25,000 annuitants.
The new deal is slightly larger and will see PartnerRe assume the risk in respect of approximately 30,000 annuitants.
Additional terms of the transaction were not disclosed by the parties.
“We are delighted to have been able to build on the success of the previous transaction and the strong partnership developed with Manulife, to now complete a second longevity transaction,” said Alan Ryder, CEO of PartnerRe North America Life.”
“We are very proud that PartnerRe’s global expertise in Longevity enables us to support our Canadian clients in achieving their business objectives,” he added
Kevin O’Regan, CEO, Europe, Middle East, Latin American Life and Longevity for PartnerRe, also commented: “PartnerRe has been at the forefront of developing longevity reinsurance for over 20 years.”
“We are here to use our expertise, strong execution skills and risk capacity to serve our clients,” he continued. “It is particularly gratifying for our team to be recognized as an exceptionally helpful and knowledgeable partner.”
Manulife also 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.