Global life insurance group Resolution Life has entered into a reinsurance agreement with Tokio Marine & Nichido Life Insurance Co. Ltd. (Anshin Life), a domestic life insurance subsidiary of Tokio Marine Holdings, its first block transaction since Nippon Life’s proposed acquisition of Resolution Life.
The transaction covers an in-force portfolio of premium-paying and paid-up whole life policies and transfers materially all risks associated with these policies from Anshin Life to Resolution Life, including interest rate risk, policyholder behaviour, and mortality risk.
Under the terms of the agreement, Anshin Life will continue to service and administer the policies.
This reinsurance transaction was tailored to Anshin Life’s specific needs, emphasising Resolution Life’s flexibility and execution capabilities in all market conditions.
The insurer has also stated that it remains well-positioned for further growth in Asia. This transaction is also significant in highlighting Resolution Life’s ongoing commitment to deliver customised reinsurance solutions to Japanese life insurers and support the industry transition to the new J-ESR solvency regime.
Rushabh Ranavat, CEO, Asia of Resolution Life, commented, “We are proud to partner with a respected institution such as Anshin Life on a transaction that demonstrates our ability to meet the evolving needs of life insurers in mature markets like Japan – across all market conditions. We look forward to further growing our presence in Japan and the region more broadly, one enduring partnership at a time.”
Mori Hamada & Matsumoto and Linklaters served as legal counsel to Resolution Life in connection with this transaction.
