Bermuda-based reinsurer PartnerRe has completed its second reinsurance longevity risk transaction with The Manufacturers Life Insurance Company (Manulife).
PartnerRe will reinsure longevity risk for an in-force block of Canadian individual payout annuities - with respect to approximately 30,000 annuitants.
Full terms of the transaction have not been disclosed.
“We are delighted to have been able to build on the success of the previous transaction and the strong partnership developed with Manulife, to now complete a second longevity transaction. We are very proud that PartnerRe’s global expertise in Longevity enables us to support our Canadian clients in achieving their business objectives,” said Alan Ryder, CEO of PartnerRe North America Life.
The deal follows an earlier longevity transaction with Manulife that completed in January 2019.
Kevin O’Regan, CEO, Europe, Middle East, Latin American life and longevity at PartnerRe, added: "PartnerRe has been at the forefront of developing longevity reinsurance for over 20 years. We are here to use our expertise, strong execution skills and risk capacity to serve our clients. It is particularly gratifying for our team to be recognized as an exceptionally helpful and knowledgeable partner.”
PartnerRe, Reinsurance, Life, Manulife, Canada