Bermuda-based Athene to seal block reinsurance deal with Sony Life
Life reinsurer Athene, part of Apollo Global Management, is set to enter a block reinsurance deal with Japan’s Sony Life Insurance.
Under the deal, Athene will reinsure a block of US dollar-denominated whole life policies from Sony Life and retrocede all mortality risk to Swiss Re.
The deal is Athene’s eighth reinsurance transaction and second with a Japanese cedant, lifting its Japan-related reinsurance volume to about $19 billion.
Katie Daly, EVP and global head of M&A, reinsurance and pensions at Athene, said: “Japanese insurers are increasingly turning to more tailored solutions and flexible capital to enhance their financial strength and advance policyholders’ goals. Our retirement and capital expertise put us in a strong position to address needs unique to the Japan market.”
Yasuo Kashiwagi, head of Japan at Apollo, added: “Apollo and Athene’s growing presence in Japan is a direct result of our differentiated model’s ability to bring in capital to support Japanese policyholders. The combination of balance sheet strength and world-class asset management capabilities fits well with deeper shifts underway in Japan and enables us to provide safe yield solutions to Japanese retirees and savers in an aligned way.”
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