Reinsurance News
Canada Life Reinsurance
IAG reduces earnings volatility with long-term reinsurance agreements
28th June 2024
IAG has purchased reinsurance protection to mitigate natural perils volatility for the next five years, alongside securing adverse development cover for its long-tail reserves from Enstar. IAG has entered into a comprehensive five-year natural perils reinsurance agreement starting from July 2024 with National Indemnity Company, a subsidiary of Berkshire Hathaway Inc ... Read the full article
Canada Life Re contributes 22% of Great-West Lifeco’s record Q1 earnings
2nd May 2024
Jeff Poulin, CEO of Canada Life Re, has revealed that the reinsurer delivered 22% of Great-West Lifeco's base earnings in Q1 of 2024, which exceeded $1 billion for the first time. According to the firm, this record figure reflects growth in expected insurance earnings, improved insurance experience, higher earnings on surplus ... Read the full article
Canada Life Re reports record earnings for 2023
19th February 2024
Canada Life Re, comprised predominantly by the Capital and Risk Solutions division, has reported “record” $794 million in earnings for 2023, as its parent company, Great-West Lifeco, sees strong earnings of $3.7 billion for the year. For the fourth quarter of 2023, the Capital and Risk Solutions division base earnings grew ... Read the full article
Lonny Meewes named Canada Life Re new Chief Marketing Officer
28th September 2023
Lonny Meewes has become the new Chief Marketing Officer for Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business. In his new role, Meewes will focus on Canada Life Re’s global marketing and branding strategies in support of the company’s continued market ... Read the full article
Canada Life Re enters into €100m funding arrangement with Spry Finance
25th August 2023
Canada Life Re, a provider of reinsurance solutions for life and health, has agreed a long-term funding arrangement with Spry Finance, which is set to re-finance the the Irish-owned company's existing loan book and provide funding of up to €100 million for future lending. Spry Finance, the retail arm of Seniors ... Read the full article
Munich Re ranked largest reinsurer for third year running by AM Best
22nd August 2023
After taking the top spot from Swiss Re in 2020, the latest data from ratings agency AM Best confirms that German reinsurer Munich Re remains the world's largest reinsurance company when ranked by gross life and non-life premiums written in 2022. With reinsurance gross premiums written (GPW) of ... Read the full article
Canada Life Reinsurance announces mortality transaction with Allianz Indonesia
14th December 2022
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, has entered into a structured mortality transaction with Allianz Indonesia, expanding its footprint in Asia. Under the agreement, Canada Life Reinsurance will provide protection against adverse mortality experience on a portfolio of credit life business. According to Gareth Dobson, who ... Read the full article
Canada Life Re appoints Wil Chong as Executive Advisor, Asia Pacific
24th October 2022
Canada Life Reinsurance has appointed Wil Chong as Executive Advisor, Asia Pacific. Within this role he will based in Singapore, where he will work closely with Canada Life Re to support the development of their reinsurance propositions and strengthen their engagement with clients in the Asia-Pacific region. Overall, Chong brings more than ... Read the full article
Munich Re remains the world’s largest reinsurance company
17th August 2022
After taking the top spot last year, global reinsurer Munich Re remains the world's largest reinsurance company, with gross life & non-life reinsurance premiums written of more than $46.8 billion in 2021, as shown by our directory of the Top 50 Global Reinsurance Groups. The directory is ... Read the full article
Canada Life Reinsurance in $1.4bn co-insurance deal with Dai-ichi Life
3rd June 2021
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business, has entered into a new long-term coinsurance agreement with Dai-ichi Life. The deal covers JPY ¥125 billion (CDN$1.4 billion) of in-force liabilities on a portfolio of life insurance policies. Under the agreement, Canada Life ... Read the full article
Canada Life Reinsurance strikes €4.7bn longevity deal with Athora Netherlands
18th March 2021
Canada Life Reinsurance, a provider of reinsurance solutions for life and health, annuity, and property & casualty business, has entered into a long-term longevity reinsurance transaction with Athora Netherlands, part of Amstelveen, Netherlands headquartered Athora Holding Ltd. The agreement, which highlights Canada Life Reinsurance's strength as a partner for longevity reinsurance ... Read the full article
BBC Pension Scheme secures £3bn longevity swap with Zurich, Canada Life
15th December 2020
The BBC Pension Scheme has secured a longevity swap with global insurer Zurich for more than £3 billion of pensioner liabilities. Reinsurer Canada Life was also involved in the de-risking transaction, providing cover to Zurich. The deal will give the BBC scheme and the BBC, as sponsoring employer, with protection against the ... Read the full article
UBS UK pension scheme secures £1.4bn longevity swap with Zurich
8th July 2020
The UBS (UK) Pension and Life Assurance Scheme has entered into a longevity swap transaction with Zurich that covers roughly £1.4 billion of its defined benefit (DB) pensioner liabilities. The longevity swap covers the majority of the Scheme’s DB pensioners and will protect the Scheme against the risk of the covered ... Read the full article
Canada Life Reinsurance in €12bn longevity deal with Aegon
19th December 2019
Canada Life Reinsurance has entered into a long-term longevity reinsurance agreement with financial services firm Aegon, covering €12 billion of in-force liabilities in the Netherlands. Close to 200,000 of in-payment and deferred pensioners will be reinsured by Canada Life Re under this agreement, representing about one quarter of Aegon’s longevity exposure ... Read the full article
Canada Life Re enters long-term longevity reinsurance agreement with VIVAT
6th March 2019
Canada Life Reinsurance has entered into a long-term longevity reinsurance agreement with VIVAT covering 70% of €8 billion (€5.5bn) of in-force liabilities. Subsequently, over 150,000 of in-payment and deferred pensioners are reinsured by Canada Life under the agreement. "I am pleased to announce this significant reinsurance transaction, which highlights our strength in ... Read the full article
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