Resolution Life closes $1bn block reinsurance transaction in Hong Kong

Global life insurance group Resolution Life has closed a $1 billion block reinsurance transaction with a leading life insurer in Hong Kong, its first transaction in the region.

This reinsurance transaction covers an in-force portfolio of participating whole life and annuity policies.

It also transfers materially all risks associated with the guaranteed benefits of these policies from the cedent to Resolution Life, including market, policyholder behaviour. and mortality risks.

According to the terms, the cedent will continue to service and administer the policies.

The transaction builds on Resolution Life’s announcement last month of a block reinsurance transaction in Japan.

These deals align with the insurer’s strategy of providing holistic reinsurance solutions to life insurers across Asia and supporting the industry to deliver improved policyholder outcomes.

Rushabh Ranavat, Chief Executive Officer, Asia of Resolution Life, said, “We are proud to announce a further transaction in Asia, and excited to bring our solution set to Hong Kong with a new blue-chip counterparty.

“We will continue to combine our global platform and regional commitment to provide leading solutions for life insurers in Hong Kong and across Asia.”

Linklaters Asia, Eversheds Sutherland London and Walkers Bermuda served as legal counsel to Resolution Life in connection with this transaction.

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.