Resolution Re, part of global life insurance group Resolution Life, has entered into a reinsurance agreement with Dai-Ichi Life, a large life insurer in Japan.
The agreement includes the transfer of a closed book of whole of life policies totalling around $1.5bn. Dai-Ichi Life will continue to service the reinsured business, while Resolution Re and Dai-Ichi Life will work together to successfully manage the reinsured policies for the benefit of policyholders.
Following completion, Resolution Life will manage c.$82bn of assets, employ c.2,000 people and provide services to over 3m policyholders.
Steve Hales, CEO of Resolution Re, said: “We are delighted to help Dai-Ichi Life serve its policyholders, while allowing the business to focus on its growth strategy. The collaboration between our two teams allowed us to execute this innovative transaction effectively and we look forward to working together to meet policyholder commitments.”
According to Resolution Re, this is the first transaction it has done in Japan, and the first through its Singapore office, which it opened a few months ago. The firm said it aimed to grow its portfolio by supporting the primary life insurance industry. It also announced the acquisition of AIA’s AUD $8bn Australian Superannuation & Investments business in February 2022.
The firm announced the opening of its Singapore office at the beginning of April. The New Markets team establishing Resolution Life’s presence in Singapore includes, Asia COO and chief representative, Kirstin Rankin, who relocated to Singapore from London where she was group general counsel, and Yan Sun, who has joined as head of solutions for the region.
Rushabh Ranavat is also leading Resolution’s overall expansion into the region as managing director for Asia.
The transaction marks a busy period of M&A for Resolution Life, following the signing of reinsurance agreements with Lincoln National Corporation, Allianz Suisse and Allianz Life North America and the acquisition of AIA Australia’s Superannuation & Investments business. Resolution Life has now invested c.$5bn of capital since its 2018 launch.
