Resolution Life’s Bermudian reinsurance platform, Resolution Re, has executed a new reinsurance transaction in which it reinsured the market and longevity risks of around 90,000 policyholders – c.£2 billion ($2.5bn) of individual in-payment UK annuity liabilities.
The transaction was completed at the end of 2023, and is Resolution Re’s second funded reinsurance transaction in the UK market.
The transaction extends Resolution Life’s position in the market, with over four million policies in-force.
Steve Hales, Resolution Re, commented, “This transaction affirms Resolution Re’s track record of managing life and annuity portfolios while supporting insurers in meeting their long-term commitments to policyholders.
“We will continue to develop our leading specialist in-force management franchise and we believe our global experience, strategic relationships and aligned business model leave us well positioned to grow.”
Hymans Robertson acted as actuarial advisors and CMS served as legal counsel to Resolution Re in connection with this transaction.
Last year, in October, Resolution Re entered into the UK Pension Risk Transfer (PRT) market with its first reinsurance agreement.
