Pacific Life Re signs asset intensive reinsurance agreement with Tokio Marine & Nichido Life

Pacific Life Re, the global reinsurer and wholly owned subsidiary of Pacific Life, has announced an asset-intensive reinsurance agreement in Japan with Tokio Marine & Nichido Life Insurance Co., Ltd. (Anshin Life).

The deal, covering in-force whole-of-life policies, will provide Anshin Life with a new method to reduce its portfolio’s long-term interest rate risk and contribute to advancing its asset liability management capabilities.

Phill Beach, Executive Vice President, Savings & Retirement, Pacific Life Re, commented, “We’re thrilled to announce the commencement of a new partnership with Anshin Life. Supporting these types of transactions in Japan is a key part of our overall strategy.

“By transferring their risk to Pacific Life Re, Anshin Life can efficiently manage and optimise their product portfolio helping them to achieve their overall business objectives and provide the long-term stability needed to deliver on their promises to policyholders.

“Pacific Life has exceptional financial strength ratings and a long history for honouring policyholder promises for more than 150 years. I look forward to the journey ahead as this partnership marks the beginning of an exciting chapter.”

The deal was supported by global re/insurance broker Aon and Eversheds Sutherland, to who Pacific Life Re have expressed gratitude to for the commitment, effort and expertise of the parties involved in this transaction.

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