Resolution Life, a global manager of in-force life and annuity policies, has announced that its Bermudian reinsurance platform, Resolution Re, has entered into a flow reinsurance agreement with an undisclosed Japanese insurer.
According to Resolution Life, this transaction is the first flow reinsurance arrangement for the cedant and aims to provide increased capacity and greater product competitiveness, “enhancing the offering to the cedant’s fixed annuity policyholders”.
The firm added, “This is a solution that Resolution Life is well placed to scale further in response to the needs of the primary life insurance industry in both Asia and the U.S.
“This is in addition to the company’s current capabilities in block reinsurance and M&A transactions.”
Rushabh Ranavat, CEO, Asia of Resolution Life, commented, “As we continue our mission to support the primary life insurance industry globally, we are pleased that this transaction allows Resolution Life to serve a new partner, expand our product offering and deepen our commitment to supporting the Asian life insurance industry. We look forward to building further on these elements in the future.”
The agreement stands as Resolution Life’s second transaction in Japan, following a reinsurance agreement with Dai-Ichi Life in 2022.
The firm explained that this new development further extends its commitment to Asia, which “remains a core market for future growth”.
In related news, back in January, Resolution Re 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.
