Pacific Life Re creates global funded solutions team in Bermuda

Pacific Life Re (PLR) is expanding into the funded reinsurance market and has established a new global funded solutions (GFS) team.

The team is headed up by Phill Beach, head of GFS, who is based in Bermuda.

PLR pointed to exponential growth in the pension risk transfer markets in recent years, which it said has generated more demand for reinsurers to take on the full asset and longevity risk for bulk pension annuity transactions.

PLR offers longevity risk transfer solutions, with GFS created to further support its clients by writing asset intensive business where required. “The initial focus was to support the UK pension risk transfer market, but the team is also looking to expand into other geographies and product lines where there is a demand for this form of reinsurance support,” PLR said.

Beach noted that insurance delivers a huge social benefit by de-risking pension schemes and increasing security to member pensions.

Dave Howell, PLR’s chief executive officer, added: “Since 2008 we have grown PLR to be a significant global reinsurer for insurance risk transfer. Our expansion into funded reinsurance was a natural next step given the balance sheet strength, capital availability and investment management capability of our parent company, Pacific Life.”